Coinbase is expected to have strong Q2 earnings due to increased trading volumes and revenues

From Nasdaq Corporation
July 30, 2024 1:21:00 pm:

Coinbase Global (COIN) is gearing up to announce its second-quarter 2024 results on Aug 1 after the market closes. The company has surprised with its earnings in the last four quarters. Factors such as increased crypto asset volatility and improved prices are expected to have boosted trading volumes significantly.

The company has been focusing on enhancing crypto utility by investing in platforms like Base, which has reduced transaction fees and increased speed. Coinbase has also expanded its market share in the U.S. spot and derivatives markets while diversifying its product portfolio and international market presence.

The Zacks Consensus Estimate for total trading volume in the second quarter is 266.6 million, three times more than the year-ago figure. Transaction revenues are expected to benefit from a higher blended average fee for Consumers and Institutional clients.

The Zacks Consensus Estimate for transaction revenues is $714 million, representing a 140% increase from the prior year. Despite a negative Earnings ESP of -20.43%, Coinbase currently holds a Zacks Rank #3. Other stocks to watch for are Affirm Holdings (AFRM), Shift4 Payments (FOUR), and Corpay, Inc. (CPAY) with positive EPS estimates and Zacks Ranks of 2 or 3.

Read more at Nasdaq: Will Coinbase (COIN) Gain From Improved Trading in Q2 Earnings?