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Technology Stocks : Coinbase Global, Inc. (COIN) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (51)	8/10/2021 5:34:35 PM
From: Glenn Petersen	2 Recommendations Recommended By The Ox Zen Dollar Round Respond to of 87

Coinbase profits surge following volatile stretch of cryptocurrency trading PUBLISHED TUE, AUG 10 20214:08 PM EDT UPDATED 12 MIN AGO MacKenzie Sigalos @KENZIESIGALOS CNBC.com KEY POINTS -- In Q2, Coinbase brought in $2.23 billion of revenue vs. $1.78 billion expected by Refinitiv. -- It also reported adjusted earnings per share of $3.45. Coinbase shares rose as much as 2.1% in extended trading Tuesday after reporting second-quarter revenues that were stronger than analysts had expected. Here’s how the largest cryptocurrency exchange in the U.S. did versus expectations per Refinitiv estimates: Revenue: $2.23 billion vs. $1.78 billion expected Earnings: $3.45 per share, adjusted, which excludes stock-based compensation benefits vs. $2.33 expected The company’s net profit for the quarter was $1.6 billion, up nearly 4,900% from a year earlier, following a volatile stretch of trading for cryptocurrencies. Coinbase’s fate is tethered to the performance of digital assets like bitcoin. The company generated $2.0 billion in net revenue, including $1.9 billion in transaction revenue and over $100 million in subscription and services revenue. Bitcoin prices fell about 41% during the quarter. Monthly transacting users grew to 8.8 million, up 44% from the previous quarter, while trading volume rose 38% to $462 billion from the previous quarter. The company reported that total trading volume diversified beyond bitcoin into ethereum and other crypto assets. Approximately 24% of the company’s total trading volume for the quarter was concentrated in bitcoin, down from 39% in Q1. While the company offered no formal guidance, it did say trading volume will be lower in the third quarter compared to Q2. For the full year, analysts surveyed by Refinitiv expect $7.76 per share on revenue of $6.29 billion. During April’s direct listing, Coinbase opened at $381 per share and was briefly valued at as much as $100 billion, a landmark event for the cryptocurrency industry. Excluding the after-hours move, Coinbase stock has fallen about 29% since the company’s direct listing on April 14, while the Nasdaq has risen nearly 20% over the same period. Coinbase (COIN) earnings Q2 2021 (cnbc.com)