Coinbase and Block soared 12% a day after reporting third quarter earnings, outpacing gains by the S&P 500.
Coinbase's third-quarter results showed expenses fell to $1.1 billion from $1.8 billion in the previous period. Trading volumes were lower, but the exchanges subscription and services revenue showed encouraging signs, with a company forecast of $700 million for the full year topping the analyst estimate for $667 million compiled by FactSet.
In the third quarter, subscription and services revenue grew to $211 million from $147 million in the second.
Block shares also jumped after earnings Thursday revealed total net revenue of $4.52 billion in the third quarter, which beat the $4.49 billion estimate and was up 17% year-over-year. Earnings per share also trounced expectations, coming in at 42 cents versus the 23 cent estimate.
Excluding bitcoin revenue — $1.76 billion— net revenue was $2.75 billion. The company reported a net loss of $14.7 million for the third quarter.
Ark Invests Cathie Wood loaded up on both stocks over the past week ahead of earnings.
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