Coinbase Stock Drops on Earnings Miss Despite Upbeat Outlook

Coinbase Global  (COIN)  shares fell on Wednesday after the largest U.S. cryptocurrency exchange reported third-quarter earnings that trailed analysts’ forecasts.

Coinbase Global stock was down 5.11% at $339.03 at last check after the company reported net income of $406 million, or $1.62 a share, for the third quarter, up from $81 million, or 23 cents, a year ago but below the FactSet analyst consensus of $1.77 a share.

Revenue came in at $1.31 billion in the third quarter, more than quadrupling the year-earlier total of $315 million and matching analysts’ estimates, though the exchange pointed to a summer lull in cryptocurrency trading as reason for not beating Wall Street forecasts.