Coinbase slumps after reporting lower-than-forecast revenue of $1.24 bn

Coinbase Global Inc. shares fell nearly 12% in postmarket trading after the biggest U.S. digital-asset exchange reported worse-than-forecast results following a summertime swoon in the volatile cryptocurrency market.  

Coinbase, which blamed market turbulence and lower coin prices during the early portion of the third quarter, posted revenue of $1.24 billion, compared with the $1.57 billion forecast by analysts. While lower sequential revenue was expected after coin prices dropped from record highs at the end of the second quarter, many analysts recently inched up estimates, encouraged in part by a recovery in downloads of Coinbase’s main mobile app.  

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