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OFFON

COINBASE GLOBAL, INC.

(COIN)
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Coinbase Profit Surges in Crypto Exchange's First Report as Public Company

05/13/2021 | 04:31pm EDT

By Paul Vigna

Coinbase Global Inc.'s profit surged in the first quarter, driven by a manic rally in bitcoin and other digital assets, the cryptocurrency exchange said in its first earnings report as a public company.

It earned $771 million, or $3.05 a share, in the quarter, up from $32 million a year earlier. Total revenue surged to $1.8 billion from $191 million. The top and bottom-line figures represent records for the company, which was founded in 2012 and is the largest bitcoin exchange in the U.S.

In early April, the company projected earnings of $730 million to $800 million on revenue of $1.8 billion.

Coinbase's revenue and profit have largely been driven by the explosion in the popularity of bitcoin and other digital currencies. The price of bitcoin rose to nearly $59,000 by the end of the first quarter, from about $7,300 at the beginning of 2020. It hit a record high of $64,802 on April 14 -- the same day Coinbase went public.

Those outsize gains attracted a new crowd of buyers. Some were high-profile hedge-fund managers like Paul Tudor Jones and Stanley Druckenmiller and companies like MicroStrategy Inc., Square Inc. and Tesla Inc. Others were individual investors and day traders, introduced to crypto through trading apps like Coinbase and Robinhood.

Coinbase's stock price has struggled since its debut. It opened at $381 following the company's direct listing and has since fallen steadily. On Thursday, shares closed down 6.5% at $265.10.

(END) Dow Jones Newswires

05-13-21 1630ET

Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO -1.28% 33393.26 Real-time Quote.43.10%
BITCOIN - UNITED STATES DOLLAR -0.89% 39699.97 Real-time Quote.38.54%
COINBASE GLOBAL, INC. -2.47% 235.78 Delayed Quote.0.00%
DJ INDUSTRIAL 0.44% 35084.53 Delayed Quote.14.55%
SQUARE, INC. -1.29% 255.28 Delayed Quote.18.82%
TESLA, INC. 4.69% 677.35 Delayed Quote.-8.32%
All news about COINBASE GLOBAL, INC.
12:33pLOSS NOTICE : ROSEN, A TOP RANKED LAW FIRM, Encourages Coinbase Global, Inc. Inv..
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12:04pCOIN SHAREHOLDER ALERT : Investors With Substantial Losses Have Opportunity to L..
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07/28SHAREHOLDER ALERT : Pomerantz Law Firm Investigates Claims On Behalf of Investor..
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07/28INVESTOR ALERT : Law Offices of Howard G. Smith Announces the Filing of a Securi..
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07/27GLANCY PRONGAY & MURRAY LLP : a Leading Securities Fraud Law Firm, Announces the..
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07/27THE LAW OFFICES OF FRANK R. CRUZ : Announces the Filing of a Securities Class Ac..
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07/26COIN INVESTOR ALERT : ROSEN, A TOP RANKED LAW FIRM, Encourages Coinbase Global, ..
PR
07/26SHAREHOLDER ALERT : Robbins LLP Announces that Coinbase Global, Inc. (COIN) is B..
BU
07/26EQUITY ALERT : Rosen Law Firm Encourages Coinbase Global, Inc. Investors with Lo..
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07/26COIN SHAREHOLDER ALERT : Bronstein, Gewirtz & Grossman, LLC Announces Coinbase G..
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More news
Financials (USD)
Sales 2021 6 344 M - -
Net income 2021 2 120 M - -
Net cash 2021 2 560 M - -
P/E ratio 2021 30,7x
Yield 2021 -
Capitalization 50 444 M 50 444 M -
EV / Sales 2021 7,55x
EV / Sales 2022 8,11x
Nbr of Employees 1 717
Free-Float 66,0%
Chart COINBASE GLOBAL, INC.
Duration : Period :
Coinbase Global, Inc. Technical Analysis Chart | COIN | US19260Q1076 | MarketScreener
Technical analysis trends COINBASE GLOBAL, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 241,75 $
Average target price 351,64 $
Spread / Average Target 45,5%
EPS Revisions
Managers and Directors
Brian Armstrong Chief Executive Officer & Director
Alesia J. Haas Chief Financial Officer
Fred Ehrsam Director
Schuler Barry Director
Frederick R. Wilson Director
Sector and Competitors
1st jan.Capi. (M$)
COINBASE GLOBAL, INC.0.00%50 444
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