{"id":44053,"date":"2023-08-03T13:35:08","date_gmt":"2023-08-03T17:35:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-analysts-remain-positive-ahead-of-q2-earnings-despite-regulatory-uncertainties\/"},"modified":"2023-08-03T13:35:10","modified_gmt":"2023-08-03T17:35:10","slug":"coinbase-analysts-remain-positive-ahead-of-q2-earnings-despite-regulatory-uncertainties","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44053","title":{"rendered":"Coinbase Analysts Remain Positive Ahead of Q2 Earnings Despite Regulatory Uncertainties"},"content":{"rendered":"
\n

Crypto trading platform Coinbase is poised for better-than-expected, Q2 earnings despite ongoing legal pressure against the firm and other industry giants, analysts say.<\/p>\n

Consensus estimates from the financial data company FactSet call for revenues to decline to $629 million, down from $773 million in the prior quarter. This is expected to come on the back of lower trading volume during that same period, projected at $114 million versus $145 million in Q1.<\/p>\n

Furthermore, earnings per share are expected to fall by $0.75, as opposed to $0.34 in the prior quarter. However, in a Tuesday note, British Bank Barclays wrote that it expects \u201cadjusted EBITDA\u201d (Earnings Before Interest, Taxes, Depreciation, and Amortization) to come in \u201cwell ahead of consensus.\u201d<\/p>\n

Last month, the bank\u2019s analysts downgraded Coinbase\u2019s stock to underweight, expecting various near-term pressures to start taking their toll on the company\u2019s earnings. At the time, analysts wrote:<\/p>\n

\n

\u201cWhile we continue to believe Coinbase is a likely long-term winner in the broader crypto ecosystem, fundamentals remain challenged, and recent relief from price actions, increasing rates, and cost rationalization likely have little further to run.\u201d\u00a0<\/p>\n<\/blockquote>\n

Besides its materially worse trading volumes compared to the first quarter, pressure on the company\u2019s partner stablecoin, USD Coin (USDC), was viewed as a threat to higher revenues. Coinbase offers 4% rewards to anyone who holds USDC on its platform, and earns a portion of interest income generated from those tokens and their reserves.<\/p>\n

While the company generated $199 million (27%) on such interest income in Q1, Berenberg analyst Mark Palmer said in a Tuesday report that this likely dropped in Q2.<\/p>\n

\u201cThe market cap of USDC has continued its steady decline,\u201d he wrote. \u201cNow, USDC, and Coinbase\u2019s revenue derived from it, could be facing another threat.\u201d<\/p>\n

COIN Still Performing Well<\/h2>\n

Despite these pressures, COIN has performed remarkably well in 2023, appreciating 173% year to date. Shares of the company are known to correlate with the price of Bitcoin (BTC), which itself is up 76% this year.<\/p>\n

COIN also rallied after a slew of Bitcoin spot ETF applicants in June \u2013 including BlackRock \u2013 chose the exchange as a surveillance-sharing partner.<\/p>\n

While Coinbase did suffer a lawsuit from the Securities and Exchange Commission (SEC) that same month, its legal prospects have appeared much strong since Ripple\u2019s legal victory over the agency.<\/p>\n

The ruling stated that XRP token is not a security, meaning many of the alleged \u201csecurities\u201d on Coinbase\u2019s platform may also be safe from regulatory attacks.\u00a0
\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto trading platform Coinbase is poised for better-than-expected, Q2 earnings despite ongoing legal pressure against the firm and other industry giants, analysts say. Consensus estimates from the financial data company FactSet call for revenues to decline to $629 million, down from $773 million in the prior quarter. This is expected to come on the back […]<\/p>\n","protected":false},"author":1,"featured_media":44054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-44053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCoinbase Analysts Remain Positive Ahead of Q2 Earnings Despite Regulatory Uncertainties | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto trading platform Coinbase is poised for better-than-expected, Q2 earnings despite ongoing legal pressure against the firm and other industry\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=44053\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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