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Coinbase (NASDAQ: COIN) Turns Profitable In Q3FY24 As Revenue Jumps 79% Amid Rising Crypto Prices
Highlights:
Coinbase Global, Inc. (NASDAQ:COIN), a secure online platform for cryptocurrency, is a holding company of Coinbase, Inc. and its subsidiaries. It offers a platform for users to discover, trade, stake, store, spend, earn, and manage their crypto assets.
For the third quarter of the financial year 2024 (3QFY24) COIN’s total revenue increased by 78.9% YoY, to USD 1,205.9 million. It was driven by higher average native units for staking, custody, and on-platform USDC, alongside rising crypto asset prices. Net income ascribed to common shareholders increased to USD 75.0 million in Q3FY24, compared to a loss of USD 2.3 million in Q3FY23.
Net operating cash inflows for the year-to-date (YTD) grew by 71.6%, to USD 1,592.2 million, due to higher income, though partially offset by unfavourable working capital changes. Total cash and cash equivalents increased by 50.3%, to USD 7,723.8 million in Q3FY24. It is due to positive cash inflows from operating and financing activities. However, it was partially offset by cash outflows from investing activities.
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