Amazon forecasts holiday sales, reports $42.4 billion cash burn
The retailer’s fourth-quarter revenue forecast ranges from $240.0 billion to $247.0 billion, against an analyst estimate of $244.51 billion.
Coinbase returns to quarterly profit as operating costs fall
The cryptocurrency exchange posted a $718.7 million profit, while transaction revenue fell 43% from a year earlier.
Coinbase Global reported a third-quarter profit of $718.7 million on October 29, ending three consecutive quarters of losses as lower operating expenses helped its results.
Earnings for the period ending September 30 were $2.51 per share. That compared with a profit of $432.6 million, or $1.50 per share, in the same quarter a year earlier.
The cryptocurrency exchange's operating expenses declined about 17% from a year earlier to $1.15 billion, down from $1.39 billion. Transaction revenue, however, fell to $590.2 million from $1.05 billion, a decrease of 43%.
Cryptocurrency trading has struggled to recover momentum during the year, with investors facing changing expectations for monetary policy, reduced inflows into digital asset investment products and bouts of market volatility.