Blockchain infrastructure company Coinbase (NASDAQ:COIN) will be announcing earnings results this Thursday after the bell. Here’s what to expect.
Coinbase missed analysts’ revenue expectations by 3.6% last quarter, reporting revenues of $2.03 billion, up 24.2% year on year. It was a slower quarter for the company, with EBITDA in line with analysts’ estimates. It reported 9.7 million monthly active users, up 21.3% 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 7.9% year on year to $1.56 billion, slowing from the 105% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.19 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 9 downward revisions over the last 30 days (we track 17 analysts). 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. Shutterstock delivered year-on-year revenue growth of 21.3%, beating analysts’ expectations by 7.5%, and Booking reported revenues up 16%, topping estimates by 3.7%.
Read our full analysis of Shutterstock’s results here and Booking’s results here.
There has been positive sentiment among investors in the consumer internet segment, with share prices up 2.1% on average over the last month. Coinbase is up 5.8% during the same time and is heading into earnings with an average analyst price target of $352.59 (compared to the current share price of $370.81).
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