COINBASE GLOBAL TURNS IN BIG Q2 LOSS
August 11, 2022
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After turning in a bigger-than-expected Q2 loss after Tuesday’s close, Coinbase Global ($NASDAQ:COIN) stock initially fell in Tuesday after-hours trading and Wednesday premarket trading.
However, with bitcoin and cryptocurrencies in general rallying, Coinbase shares have rebounded some, rising 2.1% at 10:23 AM ET. It is yet to be seen how this loss will affect COINBASE GLOBAL’s market and earnings in the long term.
This was largely due to the negative sentiment surrounding the digital currency industry.
However, on Wednesday, Coinbase’s stock price rose by 7.4% from the previous day’s close.
Company’s fundamentals reflect its long term potential, below analysis on COINBASE GLOBAL are made simple by VI app. COINBASE GLOBAL has a high health score of 8/10 considering its cashflows and debt, is capable to safely ride out any crisis without the risk of bankruptcy. COINBASE GLOBAL is classified as ‘cheetah’, a type of company that achieved high revenue or earnings growth but is considered less stable due to lower profitability. High growth companies are deemed more volatile as they attempt to grow faster. COINBASE GLOBAL is strong in growth, medium in asset, profitability and weak in dividend.
Coinbase Global, the digital currency exchange operator, reported a big loss in the second quarter as the value of Bitcoin and other cryptocurrencies fell sharply. The stock price +7.4% following day. The company attributed the loss to lower trading volumes and a decline in the value of digital currencies. Despite the big loss, Coinbase’s stock price rose 7.4% in trading on Wednesday, as investors bet that the company will benefit from the growing interest in cryptocurrencies.
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