Oct 29 : Cryptocurrency exchange Coinbase Global returned to profitability on Thursday after three consecutive quarters of losses, helped by lower operating expenses and investment gains on crypto assets that cushioned weaker trading activity.

The results underscore the company’s continued exposure to swings in crypto asset prices, with gains in the value of its investment portfolio helping boost earnings even as challenging market conditions weighed on trading volumes and transaction revenue, its largest source of income.

Transaction revenue dropped 43 per cent to $590.2 million in the third quarter, from $1.05 billion a year earlier. Shares of the crypto exchange were down 3.3 per cent in trading after the bell.

The company said macro…