Coinbase snaps losing streak with third-quarter profit on lower expenses

Oct 29 (Reuters) – Cryptocurrency exchange Coinbase Global reported a quarterly profit on ​Thursday, snapping a ‌three-quarter-long streak of losses, driven by lower operating expenses.Total operating expenses in the third ‌quarter ​fell about ⁠17% to $1.15 billion, ⁠compared with $1.39 billion for the same period in the prior year.Cryptocurrency trading ​activity has struggled to regain momentum this ⁠year as investors ⁠grappled with shifting ​monetary policy expectations, weaker flows ​into digital asset investment products ‌and periodic market volatility.Transaction revenue dropped 43% to $590.2 million during the ⁠quarter, from $1.05 billion a year earlier.The company reported a profit ⁠of $718.7 ‌million, or $2.51 per share, ⁠for the quarter ​ended ‌September 30, compared ​with $432.6 million, ⁠or $1.50 per share, a year earlier.(Reporting by Rishab Shaju and Prakhar Srivastava in Bengaluru; Editing by ​Pooja Desai)