Shares in Coinbase Global Inc. declined nearly 3% in late trading today after the cryptocurrency exchange provider missed on revenue in its fiscal first quarter, reported a decline in transaction ...

Coinbase earned $1.50 per share on revenue of $1.87 billion in the third quarter, topping analyst expectations. Revenue tied to transactions rose to $1 billion, up 37% from the second quarter.

Coinbase posted net income of $433 million in the third quarter, a respectable showing that nonetheless reveals how the crypto exchange’s business model is shifting beneath the surface. While total ...