Yahoo Finance Earnings To Watch: Coinbase (COIN) Reports Q2 Results Tomorrow
Cryptocurrency company Coinbase (NASDAQ:COIN) will be reporting earnings tomorrow after the bell. Here's what to expect.
Coinbase beat analysts' revenue expectations by 19.4% last quarter, reporting revenues of $1.64 billion, up 112% year on year. It was a decent quarter for the company, with revenue and EPS exceeding analysts' estimates. It reported 8 million monthly active users, down 4.8% year on year.
Is Coinbase a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Coinbase's revenue to grow 92.8% year on year to $1.36 billion, a reversal from the 12.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.87 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Coinbase has missed Wall Street's revenue estimates twice over the last two years.
Looking at Coinbase's peers in the consumer internet segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Pinterest delivered year-on-year revenue growth of 20.6%, meeting analysts' expectations, and Netflix reported revenues up 16.8%, in line with consensus estimates. Netflix traded down 1.5% following the results.
Read our full analysis of Pinterest's results here and Netflix's results here.
There has been positive sentiment among investors in the consumer internet segment, with share prices up 2.5% on average over the last month. Coinbase's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $257.8 (compared to the current share price of $227.22).
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