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Coinbase reports Q3 earnings
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Coinbase posts better-than-expected sales, profit, and transaction numbers

The crypto exchange rose slightly in early after-hours trading.

Matt Phillips

Cryptocurrency exchange Coinbase reported better-than-expected Q3 sales, profit, and transaction numbers than Wall Street analysts had expected, giving shares a slight lift in the after-hours session.

  • Revenue came in at $1.87 billion vs. the $1.80 billion consensus analyst expectation, per FactSet.

  • Earnings per share were $1.50 vs. the $1.13 analysts predicted.

  • Transaction revenue was $1.05 billion vs. a $984.8 million forecast.

Coinbase shares — which were added to the S&P 500 in May — have been volatile this year, as low as $151 and as high as $419, as they’ve been buffeted by both swings in crypto prices and growing competition from other brokerage firms aiming at taking market share.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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