) reported better-than-expected EPS and revenues for Q3 but saw a decrease in trading volumes for the second quarter in a row. As a result, shares fell more than 4% after-hours today.
Q3 total transaction revenue fell 12% quarter-over-quarter to $289M, driven by a 17% decline in total trading volume, partially offset by higher realized fees resulting from the mix of trading activity on the platform in the quarter. Q3 subscription and services revenue was largely flat quarter-over-quarter, coming in at $334M.
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