Coinbase Earnings: Bullish Breakout Expected as Revenue Soars 49%
Coinbase, the leading cryptocurrency exchange in the US, is set to release its third-quarter results on Thursday. Technical analysis suggests a potential rebound in the stock market price, with a possible bullish breakout following the earnings report. The company's revenue is expected to grow significantly, with analysts predicting a 49% increase to $1.8 billion.
Coinbase's stock market has seen a 20% drop from its peak this year. However, analysts are optimistic about the upcoming earnings, with expectations of $1.8 billion in revenue and $1.1 earnings per share. In the second quarter, Coinbase's revenue stood at $1.5 billion, down 26% from the first quarter but slightly above the same period last year. Net income was $1.4 billion, largely driven by unrealized investments in Circle and its crypto portfolio.
Coinbase's earnings report on Thursday could spark a bullish breakout in the stock market, with analysts expecting a significant increase in revenue. Despite competition and recent stock market price drops, the company's strong Q2 performance and potential for growth in the crypto market remain promising.
