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Coinbase Global Inc. shares plummeted the most in over two years after reporting disappointing results that fell short of Wall Street expectations. Total revenue rose to $1.21 billion, below the anticipated $1.25 billion, while net income was $75 million, significantly less than the expected $112.2 million. An accounting change led to a $121 million pre-tax loss in the latest quarter, contrasting with a $2.3 million loss in the same period last year.
Coinbase shares plummeted 10.6% following weaker-than-expected earnings and a cautious revenue outlook, marking its largest drop since June 2023. The decline was compounded by a broader market downturn and a 2% dip in Bitcoin prices, while other crypto-related stocks also suffered losses. Analysts suggest this may present a buying opportunity for long-term investors, despite concerns over subdued trading volumes and potential impacts from lower U.S. interest rates on stablecoin revenue.
Coinbase shares have plunged following disappointing quarterly results, with revenue rising to $1.2 billion but falling short of analyst expectations. As Bitcoin's all-time high looms, investors are hopeful for a favorable outcome in the upcoming US election, particularly with Donald Trump potentially returning to power, which could positively impact the crypto sector. However, the recent drop below the $200 mark adds to the downward pressure on Coinbase shares, despite the possibility of a rebound linked to Bitcoin's performance.
On Thursday, major analyst calls were made regarding several prominent companies, including Meta, Coinbase, Microsoft, Robinhood, Wingstop, and Target. These evaluations are expected to influence market perceptions and investor decisions as the companies navigate their respective sectors.
Coinbase Global Inc. has pledged an additional $25 million to Fairshake, a political action committee focused on the digital-asset industry. This funding aims to support pro-crypto candidates ahead of the 2026 midterm elections, as announced by CEO Brian Armstrong on social media.
Coinbase reported weaker-than-expected third-quarter results, with earnings per share at 28 cents versus the anticipated 41 cents, and revenue of $1.21 billion compared to $1.26 billion expected. The stock fell over 4% in extended trading as muted crypto trading impacted performance, despite a year-over-year net income increase to $75.5 million from a loss of $2.3 million. Revenue from retail trading surged 98% to $483.3 million, while institutional revenue rose 292% to $55.3 million, but overall transaction revenue was affected by a decline in subscription and services revenue.
Coinbase Global Inc. reported a third-quarter profit as revenue surged to $1.29 billion, surpassing analysts' expectations of $1.25 billion, amid a cryptocurrency market recovery. However, net income fell to $75 million, below the anticipated $112.2 million, while the company had a loss of $2.3 million in the same period last year.
Sam Altman, CEO of OpenAI, has emerged as a key influencer in Washington regarding AI regulation, leveraging lessons from social media's past missteps. With a focus on ensuring U.S. leadership in AI to counter autocratic nations like China, Altman has transformed OpenAI into a lobbying force, emphasizing the need for robust infrastructure akin to the New Deal to foster innovation and competitiveness.
Coinbase Global, a leading cryptocurrency exchange, has experienced significant post-earnings volatility over the past eight quarters, with notable gains in Q1 2023 and Q4 2023 contrasting with declines in earlier periods. For Q3, expectations include $1.253 billion in revenue and $2.56 EPS, while immediate share price reactions have been mixed, reflecting a reserved market outlook. Investors face both opportunities and risks, necessitating careful monitoring of share price trends around earnings releases.
Coinbase Global Inc. is set to report its Q3 2024 earnings on October 31, with revenue expectations at $1.253 billion and EPS estimated at $2.56. The company faces challenges from rising operational expenses and fluctuating Ethereum prices, while planning cautious headcount growth to support expansion. Analysts project an average price target of $255.23 for Coinbase shares, indicating a potential 21.12% increase from the current price of $210.72.
Coinbase Global, Inc.
Companies
| Symbol | COIN |
| Name | Coinbase Global, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | DE |
| City | Wilmington |
| Zipcode | 19801 |
| Website | http://www.coinbase.com |
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