Coinbase Revenue Fell 35%, Partially Offset by Prediction Market

What happened: Coinbase reported third-quarter revenue of $1.2 billion, down 35% from a year ago and roughly flat from the second quarter, as trading activity in the broader crypto market cooled. Key numbers: Q3 revenue $1.2 billion, down 35% year over year. Prediction markets business surpassed $200 million in annualized revenue. Net income was $719. Why it matters: The prediction markets business partially offset the revenue decline, with its annualized revenue surpassing $200 million as crypto trading activity cooled. Coverage: 3 outlets in 24h

Coinbase reported third-quarter revenue of $1.2 billion, down 35% from a year ago and roughly flat from the second quarter, as trading activity in the broader crypto market cooled.

The prediction markets business partially offset the revenue decline, with its annualized revenue surpassing $200 million as crypto trading activity cooled.