Coinbase's Q3 Outlook: Navigating Through Crypto Challenges, Margin Squeeze
Coinbase's Q3 Outlook: Navigating Through Crypto Challenges, Margin Squeeze
"Excluding the impact of $319M of pretax M2M losses on crypto assets and assuming a normalized tax rate of 25%, we calculate core EPS of $0.73, which is slightly below our estimate of $0.75 and below the consensus of $0.95," Moley said in a note. Coinbase Global Inc (NASDAQ:COIN) shares tanked in early trading on Friday.
Coinbase Global Inc（纳斯达克：COIN）股票在周五早盘大幅下跌。
The results came amid an exciting earnings season. Here are some key analyst takeaways.
这些结果出现在一个激动人心的盈利季节。以下是一些重要的分析师观点。
Piper Sandler On Coinbase Global
关于Coinbase Global的派杰投资报告
Analyst Patrick Moley reiterated a Neutral rating and price target of $245.
分析师Patrick Moley重申中立评级，并预测股价为245美元。
"Excluding the impact of $319M of pretax M2M losses on crypto assets and assuming a normalized tax rate of 25%, we calculate core EPS of $0.73, which is slightly below our estimate of $0.75 and below the consensus of $0.95," Moley said in a note.
“除去抵消加密资产31900万美元税前亏损的影响，并假设正常稅率为25％，我们计算出核心每股收益为0.73美元，略低于我们预测的0.75美元以及低于市场预期的0.95美元。”Moley 在一份报告中写道。
Coinbase Global reported total revenues of $1.450 billion, with Subscription & Services revenues of $599 million, he added.
他补充说，Coinbase Global报告了总收入14.5亿美元，其中订阅和服务收入为59900万美元。
"Bottom line, extrapolating July trading revenues for the full quarter, COIN's guidance for 3Q24 implies a significant contraction in the operating margin (we est. ~24% in 2Q24 to ~8% in 3Q24) as the company signaled plans to grow its variable marketing spend and increase headcount in 2H24," the analyst wrote.
分析师写道：“底线是，如果以7月的交易收入去推算整个季度收入，COIN在3Q24的预期经营利润率将会出现显着下降（我们预计在2Q24中为约24％，在3Q24中为约8％），因为该公司表明计划在2H24中增加可变营销开支和增加人员配备。”
Check out other analyst stock ratings.
查看其他分析师的股票评级。
JPMorgan On Coinbase Global
关于Coinbase Global的摩根大通分析师报告
Analyst Kenneth Worthington maintained a Neutral rating and a price target of $181.
分析师Kenneth Worthington维持中立评级，价格目标为181美元。
Coinbase reported diluted earnings of 14 cents per share, significantly short of expectations, Worthington said. "Tougher volume quarter but Coinbase seemed to monetize well," he added.
Worthington表示，Coinbase报告了每股盈利14美分，远低于预期。他补充道：“虽然交易量低于预期，但Coinbase似乎能够很好地实现货币化。”
"Coinbase delivered a commanding top-line beat versus our estimates with total revenue of $1,450mn (JPMe $1,359mn), ultimately beating our projections on better fee rates for retail and institutional trading," the analyst wrote.
这位分析师写道：“Coinbase对我们的预期表现出强大的领先优势，总营收达到了14.5亿美元（JPMe 1,359亿美元），最终因“零售和机构交易的更好手续费费率表现”而打破了我们的预测。”
The company delivered a strong quarter "in what was a far less robust market than we witnessed in 1Q24," he further stated.
他进一步指出，该公司在一个不如1Q24强劲的市场中实现了强劲的季度业绩。
JMP Securities On Coinbase Global
关于Coinbase Global的JMP Securities分析师报告
Analyst Devin Ryan reiterated a Market Outperform rating and a price target of $320.
分析师Devin Ryan重申市场超越评级，价格目标为320美元。
Coinbase's core results came in "modestly above our estimates and roughly in line with consensus, on balance," Ryan said. This was the sixth straight quarter in which the company reported "positive adjusted EBITDA with substantial growth in its liquidity position," he added.
Ryan表示，Coinbase的核心业绩略高于我们的估计，并与市场一致。此为该公司第六个季度报告了“正的调整后EBITDA，流动性实力大幅增长”。
"The firm continues to execute on its product roadmap, with numerous areas of significant optionality within both transactional drivers and newer areas of the business model," the analyst further wrote.
分析师进一步写道：“该公司继续执行其产品路线图，同时在交易驱动和业务模式的新领域拥有多个重大选择权。”
COIN Price Action: Shares of Coinbase Global had declined by 2.47% to $207.30 at the time of publication on Friday.
COIN价格表现：截至周五发布时，Coinbase Global的股价下跌了2.47％，至207.3美元。
Photo: Rafapress on Shutterstock
图片来源：Shutterstock上的Rafapress
