“This is a devastating number for Joe Biden,” said a Democratic strategist who asked for anonymity in order to speak more freely.

With the kickoff primary and caucus voting just four months away, the strategist emphasized that “this is a time when candidates are supposed to be showing momentum and strength going into the early contests. This number shows that his operation is basically treading water and being left behind by more dynamic campaigns.”

Another Democratic consultant, who also asked to remain anonymous, warned that Biden’s fundraising figures “should raise some serious questions about whether Joe Biden has the chops to raise the money necessary to compete in a general election and whether he can excite the Democratic base that is giving is giving an enormous number of small-dollar contributions to other candidates.”

A longtime friend, adviser and fundraiser for Biden cautioned against reading too much into the third-quarter figures.