Coinbase Analysts Slash Their Forecasts Following Weak Q1 Results

Benzinga05-08 23:04

Coinbase Global (NASDAQ:COIN) reported weaker-than-expected first-quarter financial results Thursday after market close.

Coinbase reported first-quarter revenue of $1.41 billion, down 31% year-over-year. The revenue total missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro. The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.

“We executed well on what was in our control in Q1,” Coinbase CEO Brian Armstrong said. “We saw huge growth in derivatives trading volume, driven by our Everything Exchange.”

Company guidance is that second-quarter subscription and services revenue will be in the range of $565 million to $645 million.

Coinbase shares rose 3.1% to trade at $93.85 on Friday.

These analysts made changes to their price targets on Coinbase following earnings announcement.

Needham analyst John Todaro maintained Coinbase with a Buy and lowered the price target from $230 to $220.
Barclays analyst Benjamin Budish maintained the stock with an Underweight rating and cut the price target from $140 to $107.

Considering buying COIN stock? Here’s what analysts think:

Photo via Shutterstock

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The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.</p>\n<p>“We executed well on what was in our control in Q1,” Coinbase CEO Brian Armstrong said. “We saw huge growth in derivatives trading volume, driven by our Everything Exchange.”</p>\n<p>Company guidance is that second-quarter subscription and services revenue will be in the range of $565 million to $645 million.</p>\n<p>Coinbase shares rose 3.1% to trade at $93.85 on Friday.</p>\n<p>These analysts made changes to their price targets on Coinbase following earnings announcement.</p>\n<ul>\n<li>Needham analyst John Todaro maintained Coinbase with a Buy and lowered the price target from $230 to $220.</li>\n<li>Barclays analyst Benjamin Budish maintained the stock with an Underweight rating and cut the price target from $140 to $107.</li>\n</ul>\n<p><strong>Considering buying COIN stock? 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The revenue total missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro. The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.</p>\n<p>“We executed well on what was in our control in Q1,” Coinbase CEO Brian Armstrong said. “We saw huge growth in derivatives trading volume, driven by our Everything Exchange.”</p>\n<p>Company guidance is that second-quarter subscription and services revenue will be in the range of $565 million to $645 million.</p>\n<p>Coinbase shares rose 3.1% to trade at $93.85 on Friday.</p>\n<p>These analysts made changes to their price targets on Coinbase following earnings announcement.</p>\n<ul>\n<li>Needham analyst John Todaro maintained Coinbase with a Buy and lowered the price target from $230 to $220.</li>\n<li>Barclays analyst Benjamin Budish maintained the stock with an Underweight rating and cut the price target from $140 to $107.</li>\n</ul>\n<p><strong>Considering buying COIN stock? 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