From Nasdaq: 2024-05-08 06:25:00

Coinbase Global (NASDAQ: COIN) reported its first quarter results, with revenue soaring 112% to $1.64 billion and EPS of $4.40. The company thrived in 2021 but saw declines in 2022 due to rising interest rates. However, recent quarters have shown growth in trading volume and revenue as the crypto market warms up.

Coinbase plans to make modest investments as the crypto market recovers. It expects subscription and services revenue to grow 3%-17% sequentially and 57%-79% year over year. Analysts project a 77% revenue increase to $5.5 billion for the full year. At an EV of $51.7 billion, the stock remains tied to the volatile cryptocurrency market but has long-term growth potential.

Investors should consider the long-term growth potential of Coinbase stock. While valuations seem reasonable relative to its growth, the stock remains impacted by the broader cryptocurrency market. If bullish on cryptocurrencies, Coinbase could be a solid long-term investment. Stock Advisor’s top 10 stock picks offer potential for significant returns.

Read more at Nasdaq: Is Coinbase Global Stock a Buy?