Coinbase’s First-Quarter Profit, Revenue Top Forecasts (2024)

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Coinbase’s First-Quarter Profit, Revenue Top Forecasts? ›

Coinbase's First-Quarter Profit, Revenue Top Forecasts

Revenue: US$1.64b (up 122% from 1Q 2023). Net income: US$1.18b (up from US$78.9m loss in 1Q 2023).

Revenues are projected to reach $1.45 billion, increasing 104.9% from the same quarter last year.

Coinbase Profit

Coinbase made a $95 million net profit in 2023, a huge swing for the company which reported a $2.6 billion loss in 2022.

We generated $1.6 billion of total revenue and $1.2 billion of net income*. Adjusted EBITDA was $1.0 billion – more than we generated in all of 2023.

Coinbase's 2Q 2024 results – what to expect

Go long or short on thousands of international stocks. Expectations are for Coinbase's Q2 revenue to almost double to US$1.4 billion, up from the previous US$708 million.

The average price target for Coinbase Global is $256.77. This is based on 15 Wall Streets Analysts 12-month price targets, issued in the past 3 months. The highest analyst price target is $345.00 ,the lowest forecast is $169.00. The average price target represents 56.33% Increase from the current price of $164.25.

Coinbase outlook

The significant volume growth in the quarter could fuel a strong Q1'24 results, beating Wall Street expectations. While some short-term volatility could be seen, the long-term outlook remains bright as the company would benefit from the blockchain technology adoption.

As long as the Bitcoin market cap remains low, Coinbase's price is expected to decline. According to the analysts , the long-term price forecast for Coinbase (COIN) could reach $257.73 by 2025. It will then move to $1316.77 by 2030 and to $2264.9 by 2034.

Is Coinbase financially strong? ›

Coinbase Global has the Financial Strength Rank of 5.

GuruFocus Financial Strength Rank measures how strong a company's financial situation is.

If Coinbase's revenue continues to grow at its current compound annual growth rate of 168%, it could see revenue reach $90 billion by 2035. It's not that far off from Meta's $117 billion in 2021 when it first crossed the $1 trillion mark.

Coinbase's future hinges on crypto adoption and regulatory clarity. As the leading U.S. crypto exchange, COIN's performance mirrors the broader digital asset market. Expect volatility, but long-term growth potential remains strong.

Several intrinsic valuation analyses indicate that Coinbase is significantly overvalued. The intrinsic value of COIN stock is estimated at $110.49 under a base case scenario, suggesting a 57% overvaluation compared to the current market price (AlphaSpread).

Coinbase takes extensive security measures to keep customer accounts and cryptocurrency investments safe. Nonetheless, many customers have faced unauthorized account access. Plus, many users also complain about technical glitches, poor customer support, and service outages.

Q4 total revenue was $954 million, up 41% Q/Q.

Q4 total revenue was $954 million, up 41% Q/Q. Net revenue was $905 million, up 45% Q/Q, and Other revenue was $49 million, down 4% Q/Q.

Coinbase Institutional Trading Volume

Institutional customers on Coinbase accounted for a trading volume of $256 billion in Q1 2024, which represents an 82.05% share of total trades. Institutional customers accounted for just 19.67% of total trading volume in Q1 2018. Since then, the figure has increased by 4.17x.

COIN EPS forecast for the fiscal quarter 2024 (Q3) is $0.6.

Coinbase is expected to report an earnings-per-share (EPS) of $0.81 on $1.37 billion in revenue. Coinbase has exceeded EPS estimates by triple digit percentages the past two quarters, but EPS estimates are lower this quarter. Regulatory clarity and updates will likely be a focal point for this earnings call.