$COIN (+8.63%) - Earnings Highlights Q2:
- Revenue: $1.45 billion (estimated $1.39 billion); increase of +105% year-on-year
- Net income: $36 million (previous loss of $97 million year-on-year)
- Adjusted EBITDA: USD 596 million (estimated USD 612.3 million); increase of USD 189 million compared to the previous year
Sales slump:
- Transaction revenue: USD 781 million (estimated USD 745.1 million) ; decrease of -27 % compared to the previous quarter
- Revenue from subscriptions and services: USD 599 million (estimated USD 561.8 million); increase of 17 % QoQ
- Trading volume: USD 226 billion (estimated USD 219.46 billion) ; decrease of -28 % QoQ
Outlook Q3'24:
- Revenue from subscriptions and services: $530-600m
- Transaction costs: Mid-teens percentage of net revenue
CEO comment:
- "The increase in revenue reflects the renewed commitment of merchants in the face of market optimism regarding regulatory developments. We are determined to capitalize on this momentum to drive growth and improve our operational efficiency."
Business update:
- Coinbase saw a significant increase in base transactions, indicating strong adoption of its Layer 2 solution.
- Selection as custodian for the majority of ETH ETF issuers strengthens Coinbase's position as a trusted partner in the crypto space.
- Lobbying is picking up speed. The "Stand With Crypto" group is growing rapidly and underlines the community's support for the industry.