Coinbase Stock Falls Post Strong Earnings. Should You Buy The Dip?
- Date: 28-Feb-2022
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Coinbase Stock Falls Post Strong Earnings. Should You Buy The Dip?
POLAND - 2021/09/23: In this photo illustration a Coinbase logo seen displayed on a smartphone. ... [+] (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
Cryptocurrency exchange Coinbase stock (NASDAQ: COIN) posted a solid set of Q4 2021 results, with revenue surging almost 5x year-over-year to about $2.5 billion driven by rising trading volumes and monthly transacting users on its platform. The company also continues to be solidly profitable, with net margins coming in at 34%, with net profits standing at about $840 million, up from $177 million in the year-ago quarter. However, Coinbase stock fell by almost 6% in after-hours trading on Thursday, as the company provided muted guidance for Q1 2022 noting that both its MTUs and trading volumes would likely decline sequentially, amid falling crypto asset prices and lower volatility. For perspective, bellwether cryptocurrency bitcoin prices have declined by almost 20% year-to-date in 2022.
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