Coinbase's third-quarter earnings report was below expectations, with revenue of $1.2 billion falling short by $60 million and earnings per share at 28 cents.
CEO Brian Armstrong explained, "We've made a big effort to diversify our revenue over the years away from transaction fee revenue which is more volatile and less predictable."
Despite the disappointing Q3 numbers, Coinbase reported a 98% increase in transaction revenue and a 78% increase in total revenue from last year.
Armstrong indicated that subscription and services fees are on track to surpass $2 billion by the end of the year, pointing towards revenue diversification.
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