Coinbase stock jumps 15% on strong Q1 results: sell into the strength?

2023-5-5 17:36

Coinbase reports market-beating results for its fiscal Q1. Analysts are still keeping bearish on the Coinbase stock. Coinbase shares are now up roughly 70% year-to-date.

Coinbase Global Inc are up nearly 15% on Friday after reporting its financial results for the first quarter that handily topped Street estimates.

Coinbase stock up on narrowed loss Lost $78.9 million versus the year-ago $429.7 million Per-share loss also narrowed sharply from $1.98 to 34 cents Revenue tanked 34% year-on-year to $772.5 million Consensus was $1.45 a share loss on $655 million in revenue Total operating expenses were down 24% versus last year

The crypto company attributed strength in its quarterly performance partially to the surge this year in the price of bitcoin. Still, Wells Fargo analyst Jeff Cantwell remains bearish on the Coinbase stock due to the regulatory uncertainty.

His $43 price objective suggests more than a 20% downside from here.

BofA is also dovish on Coinbase shares

Remember that Coinbase Global Inc had received a “Wells notice” from the U.S. SEC in late March. It is also noteworthy that trading volume in the recently concluded quarter came in at $145 billion and missed the consensus estimate by $2.7 billion.

To that end, Bank of America analyst Jason Kupferberg also reiterated his “underperform” rating on the Coinbase stock today and said:

We maintain our cautious view on Coinbase shares as we continue to think retail crypto volumes will remain weak and regulatory overhang will linger for some time.

In its current quarter, Coinbase Global Inc expects its subscription and services revenue to sequentially decline to around $300 million, as per its letter to shareholders.

The post Coinbase stock jumps 15% on strong Q1 results: sell into the strength? appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

UpToken (UP) на Currencies.ru

$ 0.0008937 (+1.29%)
Объем 24H $23
Изменеия 24h: 10.91 %, 7d: 13.92 %
Cегодня L: $0.0008937 - H: $0.0008937
Капитализация $130.966k Rank 1776
Доступно / Всего 146.54m UP

coinbase results stock inc global reporting nearly

Источник: coinjournal.net

coinbase results → Результатов: 34


Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transactions report from Coinbase Commerce. A Coinbase Commerce report shows that on 3-26-2020, clients made bitcoin transactions totaling $200 million, making this is a new 2 year milestone for the payments portal. The results […]

2020-3-27 19:36


XRP Rated as Security while Bitcoin, Litecoin, & Monero has the Least Score: Crypto Rating Council

Cryptocurrency exchanges and investment platforms have taken it upon themselves to determine which crypto asset is a security and which isn’t. Coinbase, Kraken, Bittrex, Circle, Genesis, Grayscale, DRW Cumberland, and Anchorage have come together to create the Crypto Rating Council to decide which digital assets can and cannot trade on their platforms. The framework results […]

2019-10-1 21:54


Фото:

Living on Bitcoin for a Week in San Francisco

When I decided, maybe against my better judgement, to live on bitcoin for a week, the plan was met by a combination of cautions and jokes from friends and loved ones: “Just don’t starve,” “Well, it’s the New Year, a perfect time to start a new diet,” “Will you be able to eat?”, “Have you really thought about it?”I had “really” thought about it and it seemed not only sensible but necessary.

2019-2-5 23:06


No Insider Trading at Coinbase, Internal Investigation Concludes

Coinbase exchange has reportedly concluded that no insider trading of Bitcoin Cash (BCH) took place in December 2017, Fortune reports Tuesday, July 24. Anonymous sources close to Coinbase told Fortune that the exchange and wallet service provider conducted a company-wide meeting last week to discuss the results of an internal investigation. A Coinbase spokesperson revealed

2018-7-25 09:31


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Coinbase Observes $1 Billion Bitcoin Outflow: Sign Of Institutional Buying?

On-chain data shows the Coinbase exchange has just seen a massive Bitcoin outflow, a sign that some large-scale buying might be going on. Over 16,000 BTC Left The Coinbase Platform In The Past Day As pointed out by an analyst in a CryptoQuant Quicktake post, Coinbase has observed a huge outflow for the seventh time […]

Coinbase reports $1.64 billion in revenue on Q1

Coinbase Q1 earnings reveal a revenue of $1.64 billion, surpassing expectations with a significant increase in consumer transaction revenue. The post Coinbase reports $1.64 billion in revenue on Q1 appeared first on Crypto Briefing.