Coinbase stock slumps on eve of Q1 results as Bitcoin sinks – Seeking Alpha

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Coinbase (NASDAQ:COIN) is scheduled to announce Q1 earnings results on Tuesday, May 10th, after market close.

The consensus EPS Estimate is $0.86 (-71.8% Y/Y) and the consensus Revenue Estimate is $1.48B (-17.8% Y/Y).

Over the last 3 months, EPS estimates have seen 0 upward revisions and 5 downward. Revenue estimates have seen 5 upward revisions and 9 downward.

Coinbase stock fell ~15% on May 9, after cryptocurrency-exposed shares slumped as Bitcoin extended its slide to its lowest level since July 2021.

Earlier in May it was reported that ~19K bitcoins worth ~$703M flowed out of the cryptocurrency exchange through a series of four transactions.

The same month, Coinbase also saw its price target lowered at Mizuho to $135 from $150. The firm said that analyzing COIN's April and May volumes showed 25-30% potential downside to Q2 consensus revenue expectations.

In March, short seller Jim Chanos had said he's short the cryptocurrency exchange.

Coinbase, the largest cryptocurrency exchange platform in the U.S., currently finds itself down 70% from its IPO date, over a year ago, of Apr. 14, 2021. YTD, the stock has fallen -65.43%.

The company's stock had declined -1.52% on Feb. 25, the day after it reported its Q4 results, which beat analysts' estimates. COIN had said it expects subscription and services revenue to decrease in Q1 due to crypto asset declines.

Earlier in May, Coinbase is said to have end talks to acquire 2TM, owner of Mercado Bitcoin, Brazil's largest crypto exchange. In March it was reported that COIN was in talks to acquire 2TM.

Meanwhile in April, Coinbase was in discussion to buy Turkey's crypto exchange, BtcTurk for $3.2B.

In May, the company rolled out a beta version of its non-fungible token marketplace to everyone.

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Coinbase stock slumps on eve of Q1 results as Bitcoin sinks - Seeking Alpha