When Does Coinbase Report Earnings?
Coinbase is scheduled to release its Q1 2024 financial results on May 2, 2024, after the US market closes. Analysts anticipate:
- Revenue: $1.3 billion (71% YoY growth vs. $772 million in Q1 2023)
- Earnings Per Share (EPS): $0.97 (second consecutive profitable quarter)
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Factors Driving Coinbase’s Q1 Performance
Bitcoin ETFs and Renewed Crypto Market Momentum
The SEC’s approval of US spot Bitcoin ETFs in January 2024 fueled a crypto rally:
- Bitcoin: +69% in Q1 (29% of Coinbase’s transaction revenue)
- Ethereram: +60% (13% of transaction revenue)
Increased institutional and retail adoption via ETFs may boost trading volumes on Coinbase’s platform.
Competitive Fee Adjustments
In February 2024, Coinbase reduced fees for high-volume traders (minimum $500K monthly volume on competitors). Institutional trading volume surged 92% QoQ in Q4 2023—Q1 results will reveal if this strategy retains market share.
Subscription & Services Growth
This segment (45% of revenue) is projected to grow 21% YoY, driven by:
- Higher crypto asset prices (boosting blockchain rewards)
- New products like Coinbase One and Prime Financing
Market Sentiment and Global Trends
- Crypto Fear & Greed Index: Remains in "greed" territory (similar to late 2023).
- Global ETF Expansion: Hong Kong approved spot Bitcoin/ETH ETFs in April 2024; Australia may follow by late 2024.
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Technical Analysis: Coinbase Stock Price
- Support: $220 (daily Ichimoku Cloud upper edge)
- Resistance: $250 (downward trendline breakout needed)
- RSI: Neutral at 50; failure to hold $220 could lead to $188–$200 retest.
FAQs
What time does Coinbase report earnings?
After-market close (EST) on May 2, 2024.
How much revenue is Coinbase expected to make in Q1 2024?
$1.3 billion, a 71% YoY increase.
Why are Bitcoin ETFs important for Coinbase?
ETFs broaden investor access, potentially increasing trading activity on Coinbase’s platform.
What’s driving Coinbase’s subscription revenue growth?
Higher custodial fees, interest income, and adoption of new products like Coinbase Cloud.
Key Levels to Watch for Coinbase Stock?
- Bullish Signal: Break above $250
- Bearish Risk: Drop below $220