Join Our Telegram channel to stay up to date on breaking news coverage
Shares of leading US crypto exchange Coinbase nosedived, recording their steepest one day decline in two years on Oct. 31 after it reported third-quarter earnings came in below analyst expectations.
Coinbase Global (COIN) shares plunged 15.3% to close at $179.25 amid broad market weakness. This marked COIN’s steepest drop since July 2022 amid an SEC probe of the company.
Coinbase’s earnings per share came in at $0.28 for the quarter, well below expectations for $0.45. Revenue of $1.21 billion missed the $1.26 billion forecast, too, while Coinbase’s net income of $75 million was short of the expected $112.2 million.
Meanwhile, transaction revenue declined 27% quarter-over-quarter to $573 million, although that was 98% up on the same quarter a year earlier.
LOL. Coinbase drops 15% after earnings, posts worst day in more than two years.
You know what can help with earnings?? List $PEPE
Get ready $PEPE army..Its coming!
🐸 pic.twitter.com/2x4RyPVOmn— davie satoshi (@NFTdavie) November 1, 2024
COIN plunged despite news of a $1 billion stock buyback program by the company. Coinbase said that the timing and amount of shares repurchased would depend on market conditions, and the program may be adjusted, paused, or stopped at any time.
Analysts Remain Optimistic On Coinbase Outlook
Crypto trader Pickle on X remains confident in Coinbase’s outlook despite the earnings disappointment and said the reaction to the third-quarter results was ”overblown.”
“Summer is the quietest period for all markets, crypto was chopping and retail interest wained,” the analyst said. ”Q1 and Q2 earnings next year will be ridiculous.”
Everyone overblowing the Coinbase earnings call.
Summer is the quietest period for all markets, crypto was chopping and retail interest wained. Adding some memes wouldn't have have a huge impact.
Q1 and Q2 earnings next year will be ridiculous.
Screencap this.$COIN to $600
— pickle (@Pickle_cRypto) October 31, 2024
While Coinbase’s earnings were ”a bit of a let down,” analyst Geert Leysen on X said the crypto exchange is a play on Bitcoin and that he had ”doubled down” on the stock after yesterday’s fall.
Related Articles
- Magic Eden Remains The Leading NFT Marketplace In October 2024, With +400K Users
- NFT Marketplace Magic Eden Announces Support For The Upcoming Abstract L2 Network
- Flockerz Zooms Past $1.1M In Presale – Could This V2E Meme Coin Ignite The November Rally?
Most Searched Crypto Launch - Pepe Unchained
- Exchange Listings December 10
- ICO Sold Out Early
- Featured in Cointelegraph
- Layer 2 Meme Coin Ecosystem
- SolidProof & Coinsult Audited
Join Our Telegram channel to stay up to date on breaking news coverage