Coinbase shares to open lower after 75% drop in net income in Q3

Coinbase shares to open lower after a 75% drop in net income during the third quarter.

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced a 75% drop in net income for Q3. COIN closed Nov. 9 with a 0.98% gain at a price of $357.39, however the release of the leading U.S. exchange’s Q3 report after market close has coincided with a dip of around 13.10% (at time of this writing) in after-hours trading.

The report says that this is due to an increase in costs related to salaries and benefits, coupled with an increase in legal and security expenses.

The firm’s profits totaled $406 million, marking a 74.7% decrease in profit compared to the previous Quarter.

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