Yahoo Finance Coinbase (NASDAQ:COIN) Reports Upbeat Q2
Cryptocurrency company Coinbase (NASDAQ:COIN) beat analysts' expectations in Q2 CY2024, with revenue up 105% year on year to $1.45 billion. It made a GAAP profit of $0.14 per share, improving from its loss of $0.41 per share in the same quarter last year.
Is now the time to buy Coinbase? Find out in our full research report.
Coinbase (COIN) Q2 CY2024 Highlights:
Revenue: $1.45 billion vs analyst estimates of $1.36 billion (6.2% beat)
Adjusted EBITDA: $595.6 million vs analyst estimates of $583.6 million (2.1% beat)
Gross Margin (GAAP): 86.8%, up from 84.7% in the same quarter last year
Trading Volume: $226 billion
Market Capitalization: $55.1 billion
Regarded by many as the face of crypto, Coinbase (NASDAQ:COIN) is a digital platform helping the world onboard into the blockchain ecosystem.
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Sales Growth
Coinbase's revenue growth over the last three years has been exceptional, averaging 54.2% annually. This quarter, Coinbase beat analysts' estimates and reported exceptional 105% year-on-year revenue growth.
Ahead of the earnings results, analysts were projecting sales to grow 35.6% over the next 12 months.
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Key Takeaways from Coinbase's Q2 Results
We were impressed by Coinbase's exceptional revenue and EBITDA growth this quarter, which easily topped analysts' estimates. The company beat on both the top- and bottom-line (EPS isn't as important for a young, high-growth company like Coinbase) despite seeing lower trading volumes than anticipated, meaning its take rate drove the outperformance. Although Coinbase's trading volumes missed, we note they were still higher than the broader crypto market, which tells us it won market share. Zooming out, we think this was a fantastic quarter that should have shareholders cheering. The stock traded up 1.5% to $216 immediately following the results.
Coinbase may have had a good quarter, but does that mean you should invest right now? When making that decision, it's important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it's free.
