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Coinbase Shares Crash After Disappointing Revenues, User Growth

Courtesy of ZeroHedge View original post here.

Coinbase shares are getting crushed after-hours following after a disappointing top-line print and declining monthly active transaction users data.

  • Revenue: $1.31 billion vs. $1.57 billion consensus estimate, according to Bloomberg.

  • Earnings: $1.62 a share vs $1.56 a share estimate.

While monthly transacting users fell to 7.4mm from 8.8mm (it was better than the 7.09mm expected).

Total retail trading volume was $93 billion, a decrease of 36% compared to Q2. This decline was roughly in-line with the overall crypto spot market volume decline. Retail contributed 28% to our total trading volume. The sequential decline in retail trading volume was driven primarily by lower levels of volatility. Retail MTU and trading volume remain highly correlated to volatility.

The firm believes retail MTUs and total trading volume will be higher in Q4 compared with Q3.

Our efforts to attract top talent are enabling us to increase our speed of supporting more assets and deliver new innovative product experiences, including our Prime brokerage offering for institutional customers, our new direct deposit solution, and most recently our plan to introduce Coinbase NFT, a peer-to-peer NFT (non-fungible token) marketplace

But, for now, COIN is down around 12% after-hours…

On the bright side, Crypto adoption continues to trend higher with total internet users…

And finally, here is what Coinbase says on regulation:

As we have long advocated, the accelerating adoption of crypto is driving a focus on regulation. Last quarter we pointed to the industry rallying behind efforts to work with U.S. leaders as the Senate debated the infrastructure bill. We continue to see regulation as a critical enabler of crypto growth. That is why we have taken the important step of introducing a proposed regulatory framework, entitled Digital Asset Policy Proposal: Safeguarding America’s Financial Leadership (“dApp”), which we hope will encourage an open and constructive discussion regarding the role of crypto assets in our shared economic future.

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Full Coinbase shareholder letter below:


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