NASDAQ$COIN
Coinbase Global Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Coinbase demonstrated strong execution and financial discipline, generating positive Adjusted EBITDA and increasing $USD Resources.
Coinbase's Q2 2023 results showed a net loss of $97 million but a positive Adjusted EBITDA of $194 million. Total revenue was $708 million, and the balance sheet strengthened to $5.5 billion in $USD resources.
- Recurring operating expenses decreased nearly 50% Y/Y.
- Positive Adjusted EBITDA was generated.
- $USD Resources increased for the first time since late 2021.
- Expanded access to derivatives products to customers outside the US.
Headline financials
Revenue & EPS history
Coinbase · Revenue · Quarterly
$708M
Revenue by segment
Coinbase · $87.6M total across 1 segment · Q2 2023
- Blockchain Rewards$87.6M+28.1%100.0%
Forward guidance
Coinbase provided guidance for Q3 2023, expecting subscription and services revenue to be at least $300 million. They also anticipate technology & development and general & administrative expenses to be $575-625 million, and sales & marketing expenses to be $80-90 million. The company aims to improve full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022.
Tailwinds
- Q3 subscription and services revenue to be at least $300 million.
- The company aims to improve full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022.
- Technology & development and general & administrative expenses is expected to be higher in Q3 driven primarily by an increase in stock-based compensation.
- Sales and marketing expenses to be consistent with Q2, as the seasonal decline of spend tied to our NBA partnership is offset by increased USDC customer reward payouts driven by both higher on platform balances and higher reward rates.
- No material changes to assets on platform or average crypto market capitalization compared to the end of July.
Headwinds
- The crypto industry remains volatile, as evidenced by ongoing uncertainty in the regulatory environment.
- Transaction revenue in July, we continue to urge caution in extrapolating these results.
- Retail customers in those states will not be able to stake additional funds.
- We do not expect a material impact from this action in Q3.
- Magnitude of future efficiency gains will likely moderate going forward.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-2.8%
Avg return
Earnings day
-2.0%
Avg return
5 days after
-1.3%
Avg return
30 days after
32%
8 / 25 earnings
Positive
+20.1%
Q1 2023
Best reaction
-35.7%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | +4.6% | -21.0% | |
| Q4 2025 | +16.5% | +16.3% | +38.6% | |
| Q3 2025 | -2.2% | -2.8% | -17.0% | |
| Q2 2025 | -16.7% | -19.6% | -19.4% | |
| Q1 2025 | -3.6% | +27.6% | +21.7% | |
| Q4 2024 | -8.0% | -13.2% | -38.6% | |
| Q3 2024 | -18.4% | -15.2% | +34.8% | |
| Q2 2024 | -8.9% | -13.5% | -18.3% | |
| Q1 2024 | +6.3% | +2.0% | +7.5% | |
| Q4 2023 | +12.4% | +8.1% | +51.1% | |
| Q3 2023 | +10.3% | +14.5% | +71.9% | |
| Q2 2023 | -3.5% | -2.6% | -13.8% | |
| Q1 2023 | +20.1% | +24.2% | +33.1% | |
| Q4 2022 | -6.2% | -10.4% | +1.7% | |
| Q3 2022 | -3.1% | -16.3% | -21.5% | |
| Q2 2022 | -4.0% | -7.7% | -25.4% | |
| Q1 2022 | -35.7% | -18.7% | -23.6% | |
| Q4 2019 | +6.2% | +8.3% | +4.0% | |
| Q4 2021 | +2.4% | +13.6% | +8.1% | |
| Q3 2020 | -5.9% | -3.4% | -28.4% | |
| Q3 2021 | -7.2% | -3.1% | -25.4% | |
| Q2 2020 | -4.9% | -4.8% | -7.9% | |
| Q2 2021 | -0.7% | -6.9% | -8.6% | |
| Q4 2020 | -6.4% | -15.2% | -15.5% | |
| Q1 2021 | -8.9% | -15.7% | -21.0% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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