Coinbase shares rise on third-quarter earnings beat

Coinbase shares ticked up 2% Thursday as the crypto exchange posted strong financial results for the third quarter that exceeded Wall Street’s expectations.

In the quarter ended Sept. 30, Coinbase net income rose to $432.6 million, or $1.50 per share, from $75.5 million, or 28 cents per share, a year ago. Earnings topped the consensus estimate of $1.10 reported by LSEG.

Revenue rose to $1.87 billion from $1.21 billion in the same quarter last year, coming in above analysts’ expectations of $1.8 billion.

Revenue tied to transactions came in 37% higher quarter-over-quarter at $1 billion.

Read Coinbase’s full shareholder letter here.