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​​​​Coinbase stock price – what to expect ahead of Q3 earnings

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Coinbase endured a tough Q2, but some improvement in performance is expected for Q3 compared to last year, with the loss per share expected to shrink.

Coinbase imageSource: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 27 October 2023 14:14

Coinbase earnings – what does Wall Street expect?

Coinbase Global Inc (All Sessions) will report earnings on 2 November for its third quarter. Revenue is expected to be $653.19 million, up 10% compared to last year. It is forecast to report a loss per share of 54 cents, which is a significant improvement on last year’s -$2.43 for Q3.

What happened at the last earnings?

Coinbase reported strong second-quarter results, surpassing analyst expectations. The company recorded revenues of $708 million, exceeding estimates, and reported adjusted earnings of a loss of 0.42 per share, which was also better than expected.

However, there were some areas of concern in Coinbase's report. Transaction revenue for the second quarter came in at $327 million, down from $375 million in the previous quarter. This decline can be attributed to the low volatility in the cryptocurrency market during this period. Additionally, total trading volume dropped to $92 billion, compared to $145 billion in Q1.

Coinbase outlook – what do analysts think?

Data from Reuters shows that 25 analysts currently cover Coinbase. Of these, eight have ‘buy’ ratings, with ten ‘holds’ and 7 ‘sell’ ratings.

The current median target price is $80, which would be a 2.5% decline from the close as of 24 October 2023.

Coinbase shares – technical analysis

The price has consolidated since August, after a pullback from the July peak. Recent gains have seen the price rebound before sellers pushed the price lower again.

Coinbase Daily Candlestick Chart

Coinbase Daily Candlestick ChartSource: ProRealTime

It has faltered around the $83.50 mark, a key zone of resistance since September last year. A close above $86.20 might provide a bullish catalyst, and open the way to further gains.

A more bearish view requires a drop back below $70, which has provided support since August.



This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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