COIN
📊 Coinbase reported a 24% year-over-year increase in Q1 revenue to $2 billion, though this was slightly below analyst expectations and a 10% sequential decrease.
📉 Net income plummeted by 94% to $66 million, largely due to adjustments in the market value of its cryptocurrency holdings.
📈 Despite mixed financial results and a 17% year-to-date stock decline, the company saw its second-highest number of monthly transacting users, and its CFO expressed optimism about market share growth and product maturation.
@bernardodegarcia:
“Let’s go now with the quarterly results of Coinbase, which arrived yesterday, and we couldn’t analyze them because I didn’t have time. There we had shares falling after first-quarter revenue increased, while earnings, or profits, decreased, as the largest crypto exchange platform in the United States weathered volatile price fluctuations in the digital asset market. Revenue increased approximately 24% to $2 billion compared to the same period last year, although it was approximately 10% lower sequentially compared to the fourth quarter, according to what the San Francisco-based company reported in a blog post yesterday. Revenue was expected to be $2.105 billion, according to the average analyst forecast. Net income, or net profits, fell 94% to $66 million, or 24 cents per share. Much of the blame for this decrease was due to Coinbase adjusting its cryptocurrency holdings to market price. Coinbase shares fell approximately 2% in after-hours trading. The stock is down 17% so far this year. Coinbase had its second-highest number of monthly transacting users in the quarter, according to Alesia Haas, the company’s CFO, in an interview with analysts. Many of these customers not only trade but also use other Coinbase services like staking. She added that we are gaining market share, driving utility, we are observing a healthy maturation of our products, and we believe this will continue to rise.”
Watch the exact part of the video where @bernardodegarcia talks about Coinbase here:
Watch the video on YouTube
Read more articles by the world’s top 100 analysts on Coinbase (COIN) at the following link. COIN stock.
