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Cryptocurrency News Articles
Coinbase Set to Smash Earnings as Analysts Exude Bullish Sentiment
Apr 25, 2024 at 10:09 pm
Coinbase Global, Inc. is anticipated to report a substantial year-over-year increase in earnings on higher revenues for the quarter ending March 2024, according to Wall Street analysts. The consensus EPS estimate is $0.89, reflecting a 493.3% increase, while revenues are projected to reach $1.2 billion, a 55.5% rise. Analysts have recently become more optimistic about the company's earnings potential, as indicated by an Earnings ESP of +36.53% and a Zacks Rank of #1, suggesting a strong likelihood of an earnings beat.
Coinbase Global Poised for Earnings Beat Amidst Bullish Analyst Sentiment
New York, April 21, 2024 - Coinbase Global, Inc. (COIN), the leading cryptocurrency exchange platform, is anticipated to deliver a significant earnings increase when it reports its financial results for the quarter ended March 2024. Industry experts predict a year-over-year surge in earnings, driven by robust revenue growth.
Consensus Outlook
According to Zacks Consensus Estimates, Coinbase Global is projected to post quarterly earnings of $0.89 per share, marking a remarkable 493.3% growth compared to the corresponding period last year. This estimate represents a substantial 27.15% upward revision over the past 30 days, reflecting increased optimism among covering analysts.
The company's revenue is also anticipated to witness a significant 55.5% year-over-year increase to $1.2 billion. This surge in revenue signals the continued expansion of Coinbase's user base and the growing adoption of digital assets.
Earnings Surprise Potential
The Zacks Earnings Earnings ESP (Expected Surprise Prediction) model provides insights into the potential deviation of the actual earnings from the consensus estimate. For Coinbase Global, the Most Accurate Estimate, a more recent version of the Zacks Consensus EPS estimate, stands higher than the consensus, resulting in an Earnings ESP of +36.53%.
This positive Earnings ESP, combined with Coinbase Global's Zacks Rank of #1 (Strong Buy), significantly increases the likelihood of an earnings beat. Historically, stocks with this combination have a high probability of delivering positive earnings surprises.
Historical Beat Performance
Coinbase Global has a solid track record of exceeding consensus EPS estimates, having done so in four out of the last four quarters. In the most recent quarter, the company surpassed analysts' expectations by a remarkable 1,255.56%. This consistent performance underscores Coinbase's ability to deliver strong financial results despite market fluctuations.
Investment Implications
While an earnings beat or miss alone does not guarantee a stock's price movement, betting on companies with high Earnings ESP and Zacks Rank increases the odds of success. Coinbase Global's compelling combination of positive Earnings ESP and Zacks Rank #1 positions it as a strong earnings-beat candidate.
Investors should note that other factors, such as overall market conditions and company-specific developments, can also influence stock performance. Nevertheless, Coinbase Global's strong earnings outlook and historical beat performance suggest a favorable investment opportunity for those seeking to capitalize on the company's growth potential.
Upcoming Earnings Release
Coinbase Global is scheduled to release its financial results for the quarter ended March 2024 on May 2, 2024, after the market closes. Investors are eagerly awaiting this earnings announcement to assess the company's financial performance and gain insights into its future prospects.
Stay Informed with Zacks Earnings Calendar
Stay abreast of upcoming earnings announcements by using the Zacks Earnings Calendar. This invaluable tool provides a comprehensive schedule of earnings release dates and consensus estimates for a wide range of companies. Stay informed and make informed investment decisions with the Zacks Earnings Calendar.
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