Coinbase revenue falls 35% to $1.2B as crypto trading cools

Coinbase reported third-quarter revenue of $1.2 billion, down 35% year over year and roughly flat versus the second quarter, as crypto trading activity cooled. Its prediction markets business topped $200 million in annualized revenue, and net income came in at $719 million.

• Revenue of $1.2B, down 35% year over year
• Prediction markets exceed $200M annualized revenue
• Quarterly net income reached $719M