Coinbase slumps 10% after missing key Q3 earnings targets [Fortune]
Coinbase Global, Inc. - Class A (COIN)
US:NASDAQ Investor Relations:
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Company Research
Source: Fortune
As a result, Coinbase shares dove almost 10% on Thursday, falling to a low of $190. Investors are dumping shares after revenue on the platform came in at $1.2 billion, falling $60 million short of the $1.26 billion Wall Street analysts expected. The company also missed the earnings per share target of 41 cents, reporting just 28 cents per share. Still, the company reported a profit. These disappointing numbers could be explained by an overall decline in activity on the platform, where Coinbase derives the bulk of its revenue from trading fees. The company reported that total trading volume is down 18% from last quarter and total transaction revenue is down 27%. Trading volume on the platform has fallen from $312 billion in Q1 to $185 billion in Q3, which the company blames on the U.S. spot market's overall decline and weak economic conditions. The downtrend was seen across both consumer and institutional users. “We've made a big effort to diversify our revenue over the years a
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COIN
News
- COIN Investors Have Opportunity to Lead Coinbase Global, Inc. Securities Fraud LawsuitPR Newswire
- Coinbase drops 15% after earnings, posts worst day in more than two years [MSNBC.com]MSNBC.com
- Coinbase Global, Inc. (NASDAQ: COIN) had its price target raised by analysts at Barclays PLC from $175.00 to $204.00. They now have an "equal weight" rating on the stock.MarketBeat
- Midday stock movers: Carvana, Meta Platforms, Coinbase [Yahoo! Finance]Yahoo! Finance
- Coinbase drops 12% after earnings, heads for worst day in more than a year [MSNBC.com]MSNBC.com
COIN
Earnings
- 10/30/24 - Miss
COIN
Sec Filings
- 10/30/24 - Form 10-Q
- 10/30/24 - Form 8-K
- 10/29/24 - Form 4
- COIN's page on the SEC website