Bittime - Coinbase's share priceplunged nearly 20% in April and this trend continues ahead of its Q1 financial report scheduled for Thursday, May 2. The decline in the value of Coinbase occurred significantly amidst the ongoing crypto market crash. Analysts expect the crypto exchange to surpass consensus estimates for its Q1 Profit report.
However, Wall Street analysts predict a decline in Coinbase's revenue after the first quarter. Coinbase (COIN) shares fell in pre-market trading on Wednesday amid the crypto market crash. This drop comes ahead of Coinbase's Q1 FY24 financial report scheduled for Thursday, May 2, 2024 after the market closes. Therefore, let's take a look at analyst estimates for Coinbase's upcoming financial report.
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What to Expect from Coinbase Q1 Profits?
According to Zacks Investment Research analyst estimates, Coinbase Q1 EPS estimate is set at $0.89 per share. This represents a 14.5% decline from last quarter's EPS of $1.04. However, netizens questioned the low estimate as Coinbase witnessed a spike in volume in the first quarter due to the bullish crypto market.
However, this EPS estimate also shows an increase of 493.33% from the previous year's figure of $0.15 per share. Meanwhile, Zacks analysts expect Coinbase to post revenue of $1.20 billion, indicating an increase of 55.50% year-over-year (YoY).
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Additionally, these analysts anticipate the crypto exchange to beat their EPS estimates by more than 36%. This suggests a potential spike in EPS to around $1.22 per share. Furthermore, Wall Street analysts have adjusted Coinbase's Q1 GAAP EPS estimates for 2024 from $1.86 to $2.41, indicating a more optimistic outlook for the cryptocurrency exchange platform.
However, despite these upward revisions, analysts continue to believe that Q1 marks peak profitability for the company this year. Additionally, they expect Coinbase's revenue to weaken throughout the year.
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Wall Street analysts predict that revenue growth will maintain an upward trend, with a predicted 54% year-over-year (YoY) jump in 2024. Meanwhile, Coinbase's EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to increase year-on-year. -over-year an impressive 120% in 2024. However, it may experience a 10% decline in the coming year.
A deeper analysis reveals a comprehensive view when examining net profit growth projections. Wall Street analysts predict a whopping 300% year-over-year increase in 2024 for Coinbase's net profit. Conversely, a 36% decline is expected in 2025, potentially signaling the end of the ongoing bull market.
COIN Stock Drop
Coinbase shares fell below the $200 level in today's pre-market session. At the time of writing, COIN shares were down 2.54% to $198.76 on Wednesday, May 1. Earlier, the stock plunged 6.52% to close at $203.93 with a market capitalization of $50.05 billion on Tuesday.
However, Zacks Investment Research analysts are bullish on Coinbase shares. The firm maintained a "Strong Buy" rating for COIN stock, boosting investor confidence. Despite this, Coinbase shares have underperformed in the past month as they fell nearly 20% in April, possibly due to the continued decline in the crypto market.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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