COINBASE GLOBAL Reports Q2 Earnings for FY2023, as of June 30, 2023
August 26, 2023
🌥️Earnings Overview
Coinbase Global ($NASDAQ:COIN) reported their second quarter of fiscal year 2023 earnings results on August 3, 2023. Total revenue for the period ending June 30, 2023 was USD 707.9 million, a 12.4% decrease compared to the prior year’s figure. Net income was reported at USD -97.4 million, significantly lower than the -1093.6 million seen in the same quarter of the previous year.
Share Price
On Thursday, June 30, 2023, COINBASE GLOBAL reported their second quarter earnings for fiscal year 2023. The stock opened at $89.0 and closed at $90.8, up by 0.4% from the prior closing price of $90.4. This is attributed to strong cost control and higher user activity across their platform. Overall, COINBASE GLOBAL had a strong second quarter performance based on their reported earnings, and the stock looks to continue its strong performance in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Coinbase Global. More…
| Total Revenues | Net Income | Net Margin |
| 2.7k | -1.28k | -42.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Coinbase Global. More…
| Operations | Investing | Financing |
| -528.73 | -57.96 | -3.37k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Coinbase Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 137.65k | 131.9k | 24.29 |
Key Ratios Snapshot
Some of the financial key ratios for Coinbase Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 81.6% | – | -50.8% |
| FCF Margin | ROE | ROA |
| -21.8% | -15.0% | -0.6% |
Analysis
GoodWhale has analyzed COINBASE GLOBAL‘s financials and our star chart shows that the company is strong in growth, profitability, and medium in asset and weak in dividend. Our health score for COINBASE GLOBAL lands at 6/10, considering the company’s cashflows and debt. We believe that this score indicates that COINBASE GLOBAL is likely to be able to pay off debts and fund future operations. From this analysis, we have classified COINBASE GLOBAL as ‘rhino’, a type of company we conclude that has achieved moderate revenue or earnings growth. Investors interested in such a company may include those looking for more stable investments with a moderate growth rate, and those who are looking for companies that have a good balance sheet and consistent payments of dividends. More…
Peers
The competition between Coinbase Global Inc and its competitors is fierce. Each company is trying to get a larger share of the market and to be the leading digital currency exchange. Coinbase Global Inc is the largest digital currency exchange in the world and it has a lot of experience. However, its competitors are also very experienced and they are all trying to get a larger share of the market.
– Riot Blockchain Inc ($NASDAQ:RIOT)
Riot Blockchain Inc. is a cryptocurrency mining company that focuses on Bitcoin mining. The company has a market capitalization of $981.09 million and a return on equity of -17.02%. Riot Blockchain Inc. was founded in 2000 and is headquartered in Castle Rock, Colorado.
– Robinhood Markets Inc ($NASDAQ:HOOD)
Robinhood Markets Inc is a financial services company that offers a commission-free trading platform for stocks, options, and cryptocurrency. The company has a market cap of 9.19B as of 2022 and a Return on Equity of -33.37%. Robinhood was founded in 2013 and is headquartered in Menlo Park, California.
– MicroStrategy Inc ($NASDAQ:MSTR)
MicroStrategy Inc is a publicly traded business intelligence company. The company has a market cap of 2.66B as of 2022 and a ROE of -77.69%. MicroStrategy offers a comprehensive suite of products that enable organizations to analyze internal and external data to make better informed decisions. The company’s products are used by organizations of all sizes, in a variety of industries, including banking, healthcare, insurance, retail, telecommunications, and many others.
Summary
Coinbase Global‘s Q2 FY2023 earnings report revealed a 12.4% year-over-year decrease in total revenue, coming in at $707.9 million. These results suggest that Coinbase Global is still in the process of stabilizing its financials, despite the increase in crypto users in the past three months. Investors should take caution when considering the stock as they could be taking on significant risk. It is important to conduct thorough research before investing in Coinbase Global to understand the potential risks and rewards.
Related Posts
Recent Posts
