Analyst Estimates for Coinbase Q1 Earnings and COIN Stock Performance
The Coinbase (COIN) stock took a hit in the pre-market trading session on Wednesday as the crypto market experienced a crash. Investors are eagerly awaiting the Coinbase Q1 FY24 earnings report, set to be released on Thursday after the market closes. Analysts have been busy crunching numbers and making predictions for what to expect from the upcoming earnings call.
According to Zacks Investment Research, analysts are estimating that Coinbase will report an EPS of $0.89 per share for the first quarter. This represents a 14.5% decrease from the previous quarter but a significant 493.33% increase from the same period last year. Additionally, analysts are expecting Coinbase to report a revenue of $1.20 billion, a 55.50% increase year-over-year.
Despite the positive outlook for the first quarter, analysts believe that this may be the peak profitability for Coinbase in 2024. They anticipate a weakening in earnings as the year progresses, although revenue growth is expected to continue on an upward trajectory. The company’s EBITDA is projected to increase by 120% in 2024 but may see a 10% decline in the following year.
On the stock front, Coinbase’s shares dipped below $200 in pre-market trading, reflecting a 2.54% decrease. The stock has been underperforming in recent weeks, dropping nearly 20% in April. However, Zacks Investment Research analysts maintain a “Strong Buy” rating for the COIN stock, instilling confidence in investors.
As the crypto market continues to face challenges, all eyes are on Coinbase’s upcoming earnings report to see how the company navigates the current landscape. Stay tuned for more updates on Coinbase and the cryptocurrency market.
