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Crypto Winter is Here: Coinbase Stock Tumbles 18% Following Results, Analyst Reaction Mixed

Shares of Coinbase (NASDAQ:COIN) are down more than 17% in premarket trading Wednesday after the crypto exchange platform operator reported worse-than-expected Q1 2022 results and...
Crypto Winter is Here: Coinbase Stock Tumbles 18% Following Results, Analyst Reaction Mixed © Reuters Crypto Winter is Here: Coinbase (COIN) Stock Tumbles 18% Following Results, Analyst Reaction Mixed

Shares of Coinbase (NASDAQ:COIN) are down more than 17% in premarket trading Wednesday after the crypto exchange platform operator reported worse-than-expected Q1 2022 results and guidance.

The company reported Q1 revenue of $1.17 billion, down 53% QoQ and well below the consensus estimates of $1.48 billion. A loss per share stood at $1.98 in the quarter, compared to EPS of $3.32 in the previous quarter.

COIN generated $1.01 billion in transaction revenue, down 56% QoQ and below the analyst consensus of $1.26 billion. The company also reported 9.2 million monthly transacting users, down 19% QoQ and compared to the analyst expectations of 9.5 million.

Trading volume totaled $309 billion in the period, down 44% QoQ and below the consensus projection of $335.6 billion. Coinbase reported a retail trading volume of $74 billion, down 58% QoQ, while analysts were looking for $97.96 billion.

Institutional trading volume stood at $235 billion, down 37% QoQ and compared to the consensus estimates of $243.24 billion. COIN reported $256 billion in assets on platform, down 7.9% QoQ, while analysts were expecting $264.3 billion.

For the full fiscal year, Coinbase reiterated its guidance for monthly transacting users of 5 million to 15 million, compared to analyst expectations of 10.2 million. COIN reported 8.9 million monthly transacting users and $74 billion in total trading volume for April.

The company expects the number of monthly transacting users to be even lower in Q2 than in Q1 and said it expects to manage potential 2022 adjusted EBITDA losses to roughly $500 million for the full year.

“We believe these market conditions are not permanent and we remain focused on the long- term”

Coinbase CEO Brian Armstrong said disclosure in the company’s latest quarterly filing did not suggest that the company faced a bankruptcy risk and it had been made to meet an SEC requirement.

The 10-Q filing notes: “Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.”

Still, Armstrong insists that COIN has “no risk of bankruptcy.”

He added that it was unlikely that "a court would decide to consider customer assets as part of the company in bankruptcy proceedings", though he acknowledged it is possible.

Bank of America analyst Jason Kupferberg said that weak crypto prices and volatility weighed on Q1. Still, the analyst reiterated a Buy rating as “COIN remains well-positioned to roll out new products that will generate top line growth and diversify revenues.”

Opposite of Kupferberg, Raymond James analyst Patrick O'Shaughnessy maintained an Underperform rating.

“We expect Coinbase’s EBITDA may turn negative over the coming quarters. Over the longer-term, we continue to believe that significant retail pricing pressure is a matter of when, not if, and also believe the cons of increased crypto regulation down the road will decidedly outweigh the pros,” O'Shaughnessy told clients.

By Senad Karaahmetovic

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25-05-2022 05:32:36 (UTC+7)

EUR/USD

1.0734

0.0001 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.0734

0.0001 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.2542

+0.0013 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

USD/JPY

126.86

+0.07 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (6)

AUD/USD

0.7117

+0.0014 (+0.19%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.2817

0.0000 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

EUR/JPY

136.17

+0.06 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

EUR/CHF

1.0313

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

Gold Futures

1,864.83

-0.25 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

Silver Futures

22.095

-0.004 (-0.02%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (1)

Copper Futures

4.3187

+0.0054 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Crude Oil WTI Futures

110.58

+0.30 (+0.27%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Brent Oil Futures

111.00

+0.22 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (4)

Natural Gas Futures

8.928

+0.036 (+0.40%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Coffee C Futures

213.83

-1.92 (-0.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,647.56

-60.83 (-1.64%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (3)

S&P 500

3,941.48

-32.27 (-0.81%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

DAX

13,919.75

-255.65 (-1.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

FTSE 100

7,484.35

-29.09 (-0.39%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

Hang Seng

20,112.10

-357.96 (-1.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,768.22

-24.55 (-1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

IBEX 35

8,631.20

+5.40 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

48.755

-0.980 (-1.97%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (2)

Bayer AG NA

63.29

-1.18 (-1.83%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Allianz SE VNA O.N.

197.86

-1.52 (-0.76%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Adidas AG

171.20

-4.28 (-2.44%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Deutsche Lufthansa AG

6.496

-0.407 (-5.90%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

114.20

-2.50 (-2.14%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Deutsche Bank AG

10.084

+0.066 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.0734↑ Buy
 GBP/USD1.2542↑ Buy
 USD/JPY126.86↑ Sell
 AUD/USD0.7117Neutral
 USD/CAD1.2817↑ Sell
 EUR/JPY136.17↑ Buy
 EUR/CHF1.0313↑ Buy
 Gold1,864.83↑ Sell
 Silver22.095Buy
 Copper4.3187↑ Buy
 Crude Oil WTI110.58↑ Buy
 Brent Oil111.00Neutral
 Natural Gas8.928↑ Buy
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,900/ 6,990
(0/ 0) # 1,765
SJC HCM6,900/ 6,990
(0/ 0) # 1,764
SJC Hanoi6,900/ 6,992
(0/ 0) # 1,766
SJC Danang6,900/ 6,992
(0/ 0) # 1,766
SJC Nhatrang6,900/ 6,992
(0/ 0) # 1,766
SJC Cantho6,900/ 6,992
(0/ 0) # 1,766
Cập nhật 25-05-2022 05:32:38
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ↀ Giá vàng thế giới
$1,866.21+12.440.67%
Live 24 hour Gold Chart
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Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.72-0.67-0.61%
Brent$111.28-0.02-0.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.040,0023.350,00
EUR24.230,6125.587,89
GBP28.221,9329.425,91
JPY177,16187,56
KRW15,8619,33
Cập nhật lúc 18:54:49 24/05/2022
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