Coinbase Prepares for Q2 Earnings Report Amid Revenue Decline Expectations
Coinbase (NASDAQ:COIN) is set to announce its Q2 earnings results on Thursday afternoon. Last quarter, the company missed analysts' revenue expectations, reporting revenues of $1.41 billion, down 29.7% year-on-year. This time around, market expectations suggest a decline of 13.4% in revenue compared to the same period last year.
Despite missing Wall Street's revenue estimates multiple times over the past two years, analysts have generally reconfirmed their estimates for Coinbase. The company has been following an uncertain trend, with some peers in the consumer internet segment already reporting their Q2 results. Alphabet delivered a 24.2% year-on-year revenue growth, beating expectations by 2.2%, while Netflix reported revenues up 13.4%, in line with consensus estimates.
Coinbase's share price has been on an upward trend, increasing by 10.2% over the last month, despite a slight dip in recent days. With an average analyst price target of $216.39 compared to its current share price of $167.06, investors are keeping a close eye on the company's performance.