Coinbase Q1 Earnings Preview: Analysts Say Exchange 'Key Beneficiary Of Crypto Economy' Thanks To Bitcoin ETFs
Portfolio Pulse from Chris Katje
Coinbase Global (NASDAQ:COIN) is set to report its Q1 financial results, with analysts expecting significant revenue and earnings growth. The company is seen as a key beneficiary of the crypto economy, particularly with the launch of U.S. spot Bitcoin ETFs. Analysts have provided various ratings and price targets, with most expecting a positive outlook for Coinbase. Key items to watch include the impact of Bitcoin ETFs, trading volume, and the balance of transaction and subscription services revenue.
May 01, 2024 | 9:17 pm
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Coinbase is anticipated to show strong Q1 earnings with significant revenue growth from $772.53M last year to $1.34B. Analysts are optimistic, citing the launch of U.S. spot Bitcoin ETFs as a key growth driver. Ratings vary but the consensus leans positive with price targets adjusted upwards.
The anticipation of strong Q1 earnings, coupled with the positive impact of the launch of U.S. spot Bitcoin ETFs, positions Coinbase for potential short-term gains. Analysts' upward adjustments of price targets and the company's history of beating earnings estimates further support a positive outlook.
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