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November, 2021

Were Coinbase Earnings Results Really Disappointing? ($COIN)

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Were Coinbase Earnings Results Really Disappointing? ($COIN)

Coinbase ($COIN), the largest US-based cryptocurrency exchange, reported earnings results for the third quarter of 2021 earlier this week — A net sales miss resulted in a -8% overnight decline for COIN shares.
 
Reported EPS and trading volume surpassed expectations, but both metrics declined vs. the prior quarter.
 
This quarter-over-quarter pullback in trading revenue wasn’t a surprise…Last week, Square’s (SQ) ‘21Q3 report had already confirmed suspicions about a summer slowdown in the crypto market.
 
However, the COIN management team noted, “…market conditions improved meaningfully later in the quarter which we have continued to see into early Q4.”
 
LikeFolio data confirms mounting strength in Q4 —
 
Consumer Mentions of using Coinbase’s platform to buy/sell/trade cryptocurrencies are on pace for record-high quarterly volume, trending +230% QoQ.

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