Coinbase Global (NASDAQ:COIN) shares rallied 9.4% in Friday morning trading as a number of analysts reacted positively to the cryptocurrency exchange's mixed third-quarter results. At a first glance, the company's Q3 numbers were poor as its earnings and revenue fell short of consensus estimates and dropped from the year-ago quarter, driven by lower trading volume in the face of depressed token prices and deteriorating macroeconomic conditions. However, there were some positive developments in the eyes of sell-side analysts, one being a substantial Y/Y rise in interest income which led to solid growth in subscription and services revenue. S&S sales rose to $210.51M at September 30 from $145.08M at Sept. 30, 2021. Another bright spot was its lower adjusted EBITDA loss of $115.9M versus -$151.1M in the second quarter. While that measure of profitability in Q3 was much worse than the year-ago figure of a gain of $618M, it "offered reasons for relief and perhaps even optimism," BTIG analyst Mark Palmer, who reiterated his Buy rating on COIN, wrote in a note to clients.He added that Coinbase's (COIN) "operating expenses declined by 38% sequentially during the quarter – we believe it is very well-positioned to stay within the [full-year] guardrail" of adjusted EBITDA loss within $500M. Oppenheimer analyst Owen Lau, meanwhile, contended that "the visibility of COIN generating positive adjusted EBITDA in 2023 has increased, and it...
