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LOS ANGELES, Aug. 6, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Coinbase Global, Inc. ("Coinbase" or "the Company") (NASDAQ: COIN) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Coinbase is the subject of a press release issued by the Financial Conduct ...

Investment Rating - Maintains an "Outperform" rating with a target price of $288 [1][2][6] Core Views - Adjusted EBITDA has been positive for six consecutive quarters, indicating a promising outlook [6] - Revenue for 2024-2026 is forecasted at $6.75 billion, $9.233 billion, and $6.055 billion, respectively, with EBITDA estimated at $4.184 billion, $5.892 billion, and $3.947 billion [6][15] - The EV/Revenue multiple for 2024 is 11x, supporting the target price of $288 [6][15] Financial Performance - 24Q2 revenue was $1.45 billion, up 105% YoY but down 11% QoQ [7] - Adjusted EBITDA for 24Q2 was $596 million, up 216% YoY but down 41% QoQ [7] - Net profit for 24Q2 was $36 million, a significant turnaround from a loss in the previous year but down 97% QoQ [7] - Trading revenue for 24Q2 was $781 million, up 139% YoY but down 27% QoQ, with trading volume at $226 billion, down 28% QoQ [8] - Subscription and service revenue grew 79% YoY and 17% QoQ, driven by stablecoin and blockchain rewards [8] Market Position and Strategy - Coinbase's market share in the cryptocurrency spot market was 5.8% in 24Q2, down from 6.5% in 24Q1 [8] - The company plans to acquire a European MiFID license, enabling it to trade derivatives in over 20 European markets [8] - Operating expenses accounted for 80% of major business revenue in 24Q2, with marketing expenses expected to increase in 24Q3 [10] Valuation and Metrics - The current price is $212.64, with a 1-month, 3-month, and 12-month absolute return of -4.3%, 4.3%, and 115.6%, respectively [3] - The P/E ratio for 2024E is 24x, with a GPM of 34.2% and ROE of 38.4% [5] - The company's market cap is $52.22 billion, with a 3-month average daily trading volume of $1.972 billion [9]

Earnings Overview - Coinbase Global Inc reported Q2 2024 revenue of $1.45 billion, exceeding analyst estimates of $1.39 billion [1] - Transaction revenue was $780.90 million, above the projected $745.10 million [1] - Adjusted EBITDA came in at $596 million, lower than the $607.7 million estimate but marking the sixth consecutive positive quarter [1] - All Q2 results showed a decline compared to Q1 2024, though still positive [1] Stock Performance and Analyst Forecasts - COIN is trading at $214.77 in pre-market, 1% above the August 1 closing price of $212.64 [1] - Analysts forecast an average price target of $260.70 for August 2025, with a maximum estimate of $400 and minimum of $145 [1][2] - The forecasts are based on TradingView data and consider opinions from 25 analysts prior to the Q2 report [1][2] AI-Powered Price Prediction - ChatGPT-4o predicts COIN stock price will likely trade between $270 and $280 in 2025 [3] - The bullish target range is $350 to $400, while the bearish target is $150 to $160 per share [3] - The AI's projection resulted in a higher average and minimum forecast compared to analyst estimates, with a more conservative maximum estimate [3] - Reaching the baseline target would yield gains between 27% and 32% from the last traded price [4] Market Context - Coinbase's performance is closely tied to the cryptocurrency market, which is influenced by external factors and known for high volatility [4]

Investment Rating - The report does not explicitly state the investment rating for Coinbase, but it provides detailed financial performance metrics that can be used to infer the company's current standing in the market [2][3]. Core Insights - Coinbase reported operating revenue of $1.397 billion for Q2 2024, representing a 105% year-over-year increase but a 12% decrease quarter-over-quarter [2][3]. - The pre-tax loss was $60 million, a 23.4% decrease year-over-year, indicating a shift from profit to loss on a quarter-over-quarter basis [2][3]. - Trading revenue increased by 139% year-over-year but decreased by 27% quarter-over-quarter, while subscription and service revenue grew by 79% year-over-year and 17% quarter-over-quarter [2][3]. - The trading volume for Q2 2024 was $226 billion, down 28% from the previous quarter, with retail trading volume decreasing by 34% to $37 million and institutional trading volume down 26% to $189 million [2][3]. - The adjusted EBITDA was $596 million, up 215% year-over-year, significantly influenced by tax benefits related to stock compensation and fair value changes [2][3]. Financial Performance Summary - Operating expenses were $1.107 billion, up 42% year-over-year and 26% quarter-over-quarter, accounting for 83% of total revenue [2][3]. - The operating profit was $343 million, turning profitable year-over-year but down 55% quarter-over-quarter [2][3]. - The final net profit recorded was $36 million, aided by tax benefits related to stock compensation amounting to $96 million [2][3]. - The number of employees increased to 3,486, up by 70 from the previous quarter [4]. Trading Metrics - The overall trading fee rate remained stable at 35 basis points, with retail trading fees increasing by 13 basis points to 1.8% and institutional fees remaining stable at 3 basis points [2][3]. - The proportion of non-trading revenue increased to 41%, driven by stablecoin income and blockchain earnings [2][3]. - Bitcoin and Ethereum's trading volume shares increased by 2 percentage points to 35% and 15%, respectively, while their shares in trading revenue rose by 1 percentage point and 2 percentage points to 31% and 17% [2][3].

For the quarter ended June 2024, Coinbase Global, Inc. (COIN) reported revenue of $1.45 billion, up 104.8% over the same period last year. EPS came in at $1.07, compared to -$0.42 in the year-ago quarter. The reported revenue represents a surprise of +1.19% over the Zacks Consensus Estimate of $1.43 billion. With the consensus EPS estimate being $1.07, the company has not delivered EPS surprise. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Coinbase Global, Inc. (NASDAQ:COIN) Q2 2024 Earnings Conference Call August 1, 2024 5:30 PM ET Company Participants Anil Gupta - Vice President, Investor Relations Brian Armstrong - Co-Founder & Chief Executive Officer Alesia Haas - Chief Financial Officer Conference Call Participants Devin Ryan - Citizens JMP Ken Worthington - JPMorgan Benjamin Budish - Barclays Bank Owen Lau - Oppenheimer Mike Colonnese - H.C. Wainwright Joseph Vafi - Canaccord Genuity Pete Christiansen - Citigroup Dan Dolev - Mizuho John ...

Coinbase Global, Inc. (COIN) came out with quarterly earnings of $1.07 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.42 per share a year ago. These figures are adjusted for nonrecurring items. A quarter ago, it was expected that this company would post earnings of $1.04 per share when it actually produced earnings of $1.65, delivering a surprise of 58.65%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Coinbase Global, which be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-40289 Coinbase Global, Inc. (Exact name of registrant as specified in its charter) Delaware 46-4707224 (State or other jurisdic ...

| --- | --- | |------------------------------------|-------| | | | | SHAREHOLDERLETTER | | | August 1, 2024 Second Quarter 2024 | | Fellow Shareholders, * See footnote (1) below. Figures have been rounded for presentation purposes only. Q2 was a quarter of strong progress for Coinbase and the crypto industry. In addition to solid financial results and continuing to build trusted products to help drive crypto adoption, Coinbase and the crypto industry made great strides towards achieving regulatory clarity i ...