NASDAQ$COIN
Coinbase Global Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Coinbase experienced strong progress with solid financial results, advancements in regulatory clarity, and innovative product updates.
Coinbase reported a total revenue of $1.4 billion and a net income of $36 million for Q2 2024. The company's subscription and services revenue reached nearly $600 million, and its balance sheet strengthened to $7.8 billion in USD resources. Coinbase also saw progress in achieving regulatory clarity and made innovative product updates.
- Total revenue was $1.4 billion, with subscription and services revenue growing to $599 million.
- Net income reached $36 million, impacted by $319 million in pre-tax crypto asset losses.
- Adjusted EBITDA was $596 million, marking the 6th consecutive quarter of positive Adjusted EBITDA.
- USD resources strengthened to $7.8 billion, up $733 million Q/Q.
Headline financials
Revenue & EPS history
Coinbase · Revenue · Quarterly
$1.45B
Revenue by segment
Coinbase · $317M total across 2 segments · Q3 2023
- Interest and Finance Fee Income$243M+138.2%76.5%
- Blockchain Rewards$74.5M+18.6%23.5%
Forward guidance
Coinbase anticipates Q3 subscription and services revenue to be within a range of $530-$600 million. They generated approximately $210 million of total transaction revenue in July 2024.
Tailwinds
- Expects technology & development and general & administrative expenses to increase Q/Q.
- Plans to prudently increase headcount primarily to support product and international expansion.
- Expects total stock-based compensation in the second half of the year to be largely consistent with the first half of the year.
- Sales and marketing expenses are expected to increase Q/Q, primarily driven by higher variable digital marketing.
- Continue to take a disciplined approach to balancing marketing investments with growth.
Headwinds
- Q3 range reflects some modest headwinds, including a 3% decline in the average price of Ethereum in July as compared to the Q2 average.
- Expectations of a September rate cut.
- An increase in expenses related to USDC as we work to drive global adoption of USDC as the most compliant stablecoin.
- A one-time $8M blockchain rewards revenue benefit in Q2.
- Given the volatility of crypto markets, the cost to acquire customers can change rapidly within the quarter, which necessitates a wider range to accommodate potential changes in market conditions.
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 2024
-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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro