Coinbase's Q3 Outlook: Navigating Through Crypto Challenges, Margin Squeeze
Coinbase's Q3 Outlook: Navigating Through Crypto Challenges, Margin Squeeze
Coinbase Global Inc (NASDAQ:COIN) shares tanked in early trading on Friday.
Coinbase Global Inc（納斯達克：COIN）股票在週五早盤大幅下跌。
The results came amid an exciting earnings season. Here are some key analyst takeaways.
這些結果出現在一個激動人心的盈利季節。以下是一些重要的分析師觀點。
Piper Sandler On Coinbase Global
關於Coinbase Global的派傑投資報告
Analyst Patrick Moley reiterated a Neutral rating and price target of $245.
分析師Patrick Moley重申中立評級，並預測股價爲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.
“除去抵消加密資產31900萬美元稅前虧損的影響，並假設正常稅率爲25％，我們計算出核心每股收益爲0.73美元，略低於我們預測的0.75美元以及低於市場預期的0.95美元。”Moley 在一份報告中寫道。
Coinbase Global reported total revenues of $1.450 billion, with Subscription & Services revenues of $599 million, he added.
他補充說，Coinbase Global報告了總收入14.5億美元，其中訂閱和服務收入爲59900萬美元。
"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.
分析師寫道：“底線是，如果以7月的交易收入去推算整個季度收入，COIN在3Q24的預期經營利潤率將會出現顯着下降（我們預計在2Q24中爲約24％，在3Q24中爲約8％），因爲該公司表明計劃在2H24中增加可變營銷開支和增加人員配備。”
Check out other analyst stock ratings.
查看其他分析師的股票評級。
JPMorgan On Coinbase Global
關於Coinbase Global的摩根大通分析師報告
Analyst Kenneth Worthington maintained a Neutral rating and a price target of $181.
分析師Kenneth Worthington維持中立評級，價格目標爲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報告了每股盈利14美分，遠低於預期。他補充道：“雖然交易量低於預期，但Coinbase似乎能夠很好地實現貨幣化。”
"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.
這位分析師寫道：“Coinbase對我們的預期表現出強大的領先優勢，總營收達到了14.5億美元（JPMe 1,359億美元），最終因“零售和機構交易的更好手續費費率表現”而打破了我們的預測。”
The company delivered a strong quarter "in what was a far less robust market than we witnessed in 1Q24," he further stated.
他進一步指出，該公司在一個不如1Q24強勁的市場中實現了強勁的季度業績。
JMP Securities On Coinbase Global
關於Coinbase Global的JMP Securities分析師報告
Analyst Devin Ryan reiterated a Market Outperform rating and a price target of $320.
分析師Devin Ryan重申市場超越評級，價格目標爲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的核心業績略高於我們的估計，並與市場一致。此爲該公司第六個季度報告了“正的調整後EBITDA，流動性實力大幅增長”。
"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.
分析師進一步寫道：“該公司繼續執行其產品路線圖，同時在交易驅動和業務模式的新領域擁有多個重大選擇權。”
COIN Price Action: Shares of Coinbase Global had declined by 2.47% to $207.30 at the time of publication on Friday.
COIN價格表現：截至週五發佈時，Coinbase Global的股價下跌了2.47％，至207.3美元。
Photo: Rafapress on Shutterstock
圖片來源：Shutterstock上的Rafapress