Coinbase (COIN) Stock Slides Despite Surprise Third-Quarter Profit

Coinbase reported Q3 earnings of $2.51 per share, while FactSet analysts had forecast a loss of 23 cents. The stock fell in after-hours trading Thursday and is down 54% over the past 12 months. Most of the $718.7 million net profit came from unrealized crypto gains, and adjusted net income was $77.7 million.