Why Coinbase Global Shares Are Trading Lower During Tuesday's After-Hours Session

Shares of Coinbase Global, Inc. COIN tanked during Tuesday's after-hours session following the release of the company's third-quarter mixed earnings results.

The company reported an EPS beat of $1.62 versus the $1.56 consensus estimate and a miss on sales at $1.312 billion versus the $1.57 billion consensus estimate.

Coinbase highlighted a 41% sequential growth in their subscription and services revenue, a potential indication Coinbase believes that "crypto is moving into the utility phase, where users are able to generate yield on their crypto and engage beyond crypto’s first use case: investing."

Given a softer crypto backdrop during Q3 however, global crypto spot trading volumes declined 37% in Q3 as compared to Q2, according to Coinbase.

Coinbase Global is the leading cryptocurrency exchange platform in the United States and intends to be both the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.

At the time of publication, shares of Coinbase Global were dropping 13.15% lower to $210.40. The stock has a 52-week low of $208.00 and a 52-week high of $429.54.