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Coinbase Q3 Earnings Preview: Analysts Expect Lower Trading Volumes
Wall Street analysts are anticipating a further slowdown in Coinbase’s (COIN) spot trading volume for the third quarter when the cryptocurrency exchange reports earnings after the closing bell on Wednesday, October 30. This decline is attributed to a lack of catalysts in the crypto market and an uncertain regulatory environment leading up to the U.S. presidential election.
According to FactSet estimates, Coinbase is expected to report a 13% decrease in third-quarter revenue to $1.26 billion, down from $1.45 billion in the previous quarter. However, earnings per share (EPS) are projected to rise to $0.46, up from $0.14 in the second quarter.
Barclays analyst Benjamin Buddish noted that Coinbase’s trading volumes remained weak during the quarter, primarily due to lower retail trading revenue. Buddish maintained an equal weight rating on the stock and raised his price target from $169 to $175. However, he lowered his third-quarter EPS estimate from $1.62 to $1.05.
The market will be closely watching Coinbase’s earnings report to assess the impact of the current crypto market conditions and regulatory uncertainty on the company’s financial performance.
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