Coinbase
COIN,
+8.73%
posted $181 million in adjusted earnings before interest, taxes, depreciation and amortization, whereas it notched a $116 million loss on the metric a year prior. The FactSet consensus was for $119 million in adjusted Ebitda.

Revenue rose to $674 million from $590 million, whereas analysts had been modeling $651 million. The company saw $275 million in consumer transaction revenue, down 11% sequentially, and $14 million in institutional transaction revenue, down 18%. Coinbase also logged $334 million in subscription and services revenue, about flat sequentially.

Subscription and services revenue includes areas like custody and blockchain rewards.

Shares fell about 5% in aftermarket trading.

Read: What the correlation between bitcoin and tech stocks says about the outlook for crypto prices

Coinbase observed $76 billion in total trading volume, down from $92 billion in the June period.

Consumer trading volumes fell to $11 billion from $14 billion in the June quarter, while institutional volumes dropped to $65 billion from $76 billion.

Bitcoin trading volume represented 38% of overall volume, compared with 40% in the June quarter.

Coinbase noted that it saw about $105 million in total transaction revenue during the month of October, “though we urge caution in extrapolating these results,” the company said.

Management expects fourth-quarter subscription and services revenue to be about flat on a sequential basis, assuming no major changes in the crypto and fiat assets that customers store on its platform. Analysts were modeling $335 million in subscription and services revenue for the current quarter, whereas Coinbase saw $334 million in the third quarter.