The latest cryptocurrency exchange to hit the markets reported second-quarter 2021 figures that beat consensus
Coinbase, a publicly traded company since April 14, posted revenues of $2.23 billion, surpassing the $1.78 billion expected. Excluding the stock-based compensation benefits, the company had an adjusted EPS of $3.45 vs $2.33 expected.
The exchange’s net profit for the quarter was $1.6 billion, up almost 4,900% from the year-ago period, following a period of volatility on the crypto market.
Moreover, monthly users reached 8.8 million, marking a 44% increase from the previous quarter, while trading volume rose 38% to $462 billion compared to Q1 figures.
On the other hand, roughly 24% of Coinbase total trading volume for Q2 was concentrated in bitcoin, down from 39% in Q1.
While it didn’t offer formal guidance for the next quarter, Coinbase expects the trading volume to decrease compared to Q2. For the full year, analysts are looking for an EPS of $7.76 on revenues of $6.29 billion.
At the moment of writing, Coinbase share price is trading 2.84% higher. Since its direct listing, stocks fell approx. 29%, while TECH100 rose 7%.
Source: cnbc.com, finance.yahoo.com