– Coinbase is scheduled to announce Q2 earnings results on Tuesday, August 9th, after market close.
– Bitcoin (BTC-USD) and ethereum (ETH-USD) are making solid gains Monday morning as investors continue to return to risk-on assets.
– The move up comes as markets shook off concerns raised by Friday’s unexpectedly strong July jobs report.
– However, the crypto market conditions remain challenging, with Bitcoin having lost ~45% of its value in the last six months.
– Coinbase has partnered with asset management behemoth BlackRock to enable its institutional clients to trade bitcoin.
– Citi Analyst Peter Christiansen opened a 90-day upside catalyst watch on the cryptocurrency exchange’s stock, but not due to any optimism over the company’s upcoming Q2 earnings release.
– The company’s Q1 earnings had missed, Q2 trading volume was said to be declining and the company had disclosed a new risk factor in an SEC filing.
– In addition, Goldman Sachs downgraded the stock to Neutral from Buy, saying the company is unlikely to reach recent levels of profitability in the near term unless crypto prices increase.
– For Q2, the consensus EPS estimate is -$1.23 and the consensus revenue estimate is $868.39M (-61.1% Y/Y).
– Over the last 3 months, EPS estimates have seen 0 upward revision and 9 downward revisions. Revenue estimates have seen 0 upward revision and 15 downward revisions.