As a seasoned researcher who has navigated through numerous market fluctuations and witnessed the rise and fall of various tech giants, I must admit that Coinbase’s Q3 2024 results have caught my attention. Having closely followed the crypto exchange’s trajectory since its inception, it’s disheartening to see the share price drop following a miss on earnings and revenue estimates.
After-hours trading saw a 3.7% decrease in Coinbase Global Inc (COIN) shares due to their Q3 2024 earnings and revenue falling short of analyst predictions. The shortfall was attributed by the crypto exchange to less favorable market conditions.
The financial report published by Coinbase on October 30 reveals that their Q3 earnings reached an impressive $1.13 billion, marking an over 81% increase compared to the same period last year. However, these figures fell short of Wall Street analysts’ predictions, who forecasted revenues of approximately $1.26 billion – a difference of nearly 11%.
The anticipated earnings per share for the cryptocurrency trading platform was 45 cents, but they reported only 28 cents instead, which is a difference of 46.5%.
COIN’s stock closed at $211.74, dropping by approximately 3.61%, and it continued to decrease an additional 3.68% in early after-hours trading, as indicated by Google Finance. So far this year, its share price has climbed roughly 35%.
This is a developing story, and further information will be added as it becomes available.
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2024-10-31 00:50