Payments firms PayPal and Block blew Q3 earnings estimates away, while crypto exchange Coinbase suffered a relatively bleak third quarter.
Coinbase improved its financial position through staking and subscriptions, as Block raked in mounds of profit from its digital payments platform CashApp. Payments provider PayPal recorded higher earnings than expected.
Crypto winter is thawing slowly for Coinbase
Coinbase reported a third-quarter loss of $2.43 per share, lower than some analysts’ estimates of $2.38 but higher than the previous quarter’s $4.98 per share. It lost $545 million on $590 million in sales, compared to $406 million in profit from $1.3 billion in sales a year ago. Its revenue from trading fell 44% compared to Q2 2022, coming in at $365.9 million. On the upside, the exchange notched up $210 million in revenue from subscriptions and services.
After news of its earnings broke, Coinbase’s stock price rose…
