Coinbase Global Inc Cl A Up 10.31% To $183.02 After Earnings Beat

Friday, February 16, 2024 – Coinbase Global Inc Cl A (COIN) reported upside earnings and revenues today.

Analyst expectations for Coinbase Global Inc Cl A earnings per share (EPS) were at a loss of $0.01 per share, with the company surpassing those estimates with a reported EPS of $0.51, leading to a positive surprise of $0.52 per share (5200%). Coinbase Global Inc Cl A’s earnings rose 121% year-over-year as the firm reported an EPS loss of $2.46 per share in its year-ago quarter. The positive annual growth shows the Financial Services company is performing well amid recent economic conditions.

Revenues were upbeat at $953.8 million. That is an increase of 51.61% in revenues from the year-ago report and is 15.98% higher than consensus estimates set at $822.4 million.

The stock is up 10.31% to $183.02 after the report.

The firm’s lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 63. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters.