Coinbase will reveal its fiscal report for Q1 2024, generating diverse predictions among crypto enthusiasts and conventional financiers regarding the expected numbers.
There’s growing curiosity among crypto enthusiasts if their forecasts for Coinbase’s upcoming financial report, to be released on May 2, will outperform those of traditional investment analysts.
According to Messari’s cryptocurrency researcher Kunal Goel, his projected earnings from Coinbase for the past nine months have significantly surpassed the forecasts made by analysts.
“He projects that Coinbase will earn approximately $1.5 billion in net income during Q1 2024, representing a substantial 65% increase from the previous quarter. This projection is significantly higher than the anticipated $1.2 billion in gross revenue as per current market expectations,” he shared in a recent post on X.
According to a recent report by Zack’s Equity Research, Coinbase has surpassed the estimated earnings-per-share (EPS) and revenue for the last four quarters in a row. In simpler terms, the company has earned more profits and revenue than what analysts had anticipated during that period.
Based on Tipranks’ analysis, among the 24 experts providing recommendations for Coinbase (COIN), nine urged to buy, eleven advocated holding, while three warned against selling.
According to Young Ko, the previous CFO of Polygon Labs, there’s a strong possibility that Coinbase’s earnings will surpass expectations.
In a post on X dated April 24, Ko clarified that several catalysts would add fuel to the company’s progress before the announcement of its earnings report, which was scheduled for May 2.
He anticipates good news from Coinbase on several fronts: the potential victory in their legal dispute with the SEC, and promising financial updates regarding their Ethereum layer-2 protocol, Base.
According to Google Finance, when the article is released, COIN’s share price will be around $236.43. This represents a 4.67% rise from the previous day. However, over the last month, there has been a significant drop of 15.47%.
In a post on April 22, crypto commentator Snow expressed that those who are closely monitoring the situation are already aware that the numbers will fall short of Wall Street’s expectations.
“Snow mentioned that the impressive earnings surplus in Q1, coupled with Q2 trading revenues progressing faster than Q1, is expected to leave many amazed.”
During an April 16th announcement, crypto expert 0xCristian expressed his belief that the performance of Coinbase’s layer-2 network, Base, would contribute favorably to the company’s Q1 2024 financial reports.
“He mentioned that the company is expected to significantly surpass its Q4 earnings, which could influence the stock’s price. Notably, Q1 saw a large increase in trading volumes for Base and Coinbase wallets. Keep an eye on this development.”
In the cryptocurrency world, it’s widely believed that Coinbase’s earnings from Base during the last quarter could have been a significant and unnoticed contributor to their financial success, an aspect often overlooked by the financial sector on Wall Street.
On April 19, according to CryptoMoon’s report, crypto expert Will Clemente expressed that the general public is not fully considering the earnings generated within the crypto sector that many crypto enthusiasts are aware of.
“Coinbase is likely the largest wager in the public market scene akin to a venture-style investment since approximately five years ago, according to Clemente.”
Goel doesn’t anticipate Coinbase keeping the earnings generated from Base during the previous quarter for themselves.
He expressed his belief that Coinbase wouldn’t keep this income for themselves, but rather might hold it in a digital wallet for future business expansion.
Based on information from research firm Fintel, the momentum score of Coinbase stands at an impressive 93.98. This is around 21.87 points more than Nvidia’s (NVDA) and a substantial 80.84 points above Tesla’s (TSLA) scores.
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2024-04-24 11:21