Coinbase Revenue Expected to Decline by 13.4% in Q2

Coinbase, a blockchain infrastructure company listed on NASDAQ under the ticker COIN, is set to announce its Q2 earnings results this Thursday. The market is expecting Coinbase's revenue to decline by 13.4% year-over-year, a reversal from the 3.3% increase it recorded in the same quarter last year. This comes after the company missed analysts' revenue expectations last quarter, reporting revenues of $1.41 billion, down 29.7% year-on-year.

Coinbase has a history of missing Wall Street's revenue estimates, and analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay on course heading into earnings. The company is currently trading at an average analyst price target of $216.39 compared to its current share price of $167.06.

The consumer internet segment has seen positive sentiment among investors recently, with share prices up 4.2% on average over the last month. However, Coinbase's peers in this segment have already reported their Q2 results, with Alphabet delivering year-on-year revenue growth of 24.2%, beating analysts' expectations by 2.2%, and Netflix reporting revenues up 13.4%, in line with consensus estimates.