Coinbase Shares Plunge 15% In Worst Day In Two Years After Earnings Miss

Shares
of
leading
US
crypto
exchange
Coinbase
nosedived,
recording
their
steepest
one
day
decline
in
two
years
on
Oct.
31
after
it
reported
third-quarter
earnings
came
in
below
analyst
expectations.

Coinbase
Global
(COIN)
shares
plunged
15.3%
to
close
at
$179.25
amid
broad
market
weakness.
This
marked
COIN’s
steepest
drop
since
July
2022
amid
an
SEC
probe
of
the
company.

Coinbase’s
earnings
per
share
came
in
at
$0.28
for
the
quarter,
well
below
expectations
for
$0.45.
Revenue
of
$1.21
billion
missed
the
$1.26
billion
forecast,
too,
while
Coinbase’s
net
income
of
$75
million
was
short
of
the
expected
$112.2
million.

Meanwhile,
transaction
revenue
declined
27%
quarter-over-quarter
to
$573
million,
although
that
was
98%
up
on
the
same
quarter
a
year
earlier.

LOL.
Coinbase
drops
15%
after
earnings,
posts
worst
day
in
more
than
two
years.

You
know
what
can
help
with
earnings??
List

$PEPE

Get
ready

$PEPE
army..Its
coming!
????

pic.twitter.com/2x4RyPVOmn

—
davie
satoshi
(@NFTdavie)

November
1,
2024

COIN
plunged
despite
news
of
a
$1
billion
stock
buyback
program
by
the
company.
Coinbase
said
that
the
timing
and
amount
of
shares
repurchased
would
depend
on
market
conditions,
and
the
program
may
be
adjusted,
paused,
or
stopped
at
any
time.

Analysts
Remain
Optimistic
On
Coinbase
Outlook

Crypto
trader
Pickle
on
X
remains
confident
in
Coinbase’s
outlook
despite
the
earnings
disappointment
and
said
the
reaction
to
the
third-quarter
results
was
”overblown.”

“Summer
is
the
quietest
period
for
all
markets,
crypto
was
chopping
and
retail
interest
wained,”
the
analyst
said.
”Q1
and
Q2
earnings
next
year
will
be
ridiculous.”

Everyone
overblowing
the
Coinbase
earnings
call.

Summer
is
the
quietest
period
for
all
markets,
crypto
was
chopping
and
retail
interest
wained.
Adding
some
memes
wouldn’t
have
have
a
huge
impact.

Q1
and
Q2
earnings
next
year
will
be
ridiculous.

Screencap
this.$COIN
to
$600

—
pickle
(@Pickle_cRypto)

October
31,
2024

While
Coinbase’s
earnings
were
”a
bit
of
a
let
down,”
analyst

Geert
Leysen
on
X
said
the
crypto
exchange
is
a
play
on
Bitcoin
and
that
he
had
”doubled
down”
on
the
stock
after
yesterday’s
fall.

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