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Coinbase Down 8% As Trading Volumes Dip

Shares of cryptocurrency exchange Coinbase Global, Inc. (COIN), are down over 8 percent after its third quarter results revealed a sequential drop in performance.

Despite earnings of $1.62 per share surpassing expectations of $1.56 per share and previous third quarter's level of $0.23, the share price has declined in the backdrop of the sequential decline in business metrics.

Monthly Transacting Users (MTU) was 7.4 million in the third quarter versus 2.1 million in the comparable year-ago quarter, However, MTU was lower than 8.8 million recorded in the second quarter of 2021.

Trading volume for the quarter was $327 billion versus $45 billion in the quarter ended September 2020, but lower than $462 billion seen in the second quarter of 2021.

Net Income increased to $406 million, from $81 million in the quarter ended September 2020, but was way below the $1.6 billion recorded in the second quarter of 2021.

Net Revenue increased to $1.2 billion from $0.29 billion in the year-ago quarter, but was significantly lower than $2.0 billion recording in the second quarter of 2021.

The online platform for buying, selling, transferring, and storing digital currency had its IPO on April 14, 2021 and a stock market debut at $381.00.

Shares of Coinbase Global are currently trading at $328.50, down $28.89 or 8.08 percent from previous close.

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