Coinbase stock slides 14% after Q3 results reflect declining crypto prices

Coinbase Global (NASDAQ:COIN) stock drops 14% in after-hours trading after Q3 revenue falls short of consensus, reflecting reduced activity in the cryptocurrency market. The company expects the number of retail monthly transacting users to increase in Q4 from Q3's level. "As our year-to-date results have clearly demonstrated, our business is volatile," the company said in its Q3 letter to shareholders. "While we entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices, market conditions improved meaningfully later in the quarter which we have continued to see into early Q4," the company said. For October, retail MTUs were 11.7M and total trading volume was $186B, the company said. For 2021, the company forecasts a range of average retail MTUs of 8.0M-8.5M. Anticipates average net transaction revenue per user will be in the high $50s per month for 2021. Expressed as a percentage of net revenue, Coinbase (COIN) sees