NASDAQ$COIN
Coinbase Global Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Coinbase's Q3 2024 results reflected solid performance amidst softer market conditions, driven by revenue diversification and progress in crypto utility and regulatory clarity.
Coinbase reported a solid Q3 2024 with $1.2 billion in total revenue and $75 million in net income. The company achieved its 7th consecutive quarter of positive Adjusted EBITDA, reaching $449 million. Growth in staking, on-platform USDC, and custody helped diversify revenue, while advancements in stablecoin integration and the Base network contributed to crypto utility.
- Total revenue was $1.2 billion, a 17% decrease Q/Q.
- Net income reached $75 million, inclusive of $121 million in pre-tax losses from crypto asset investments.
- Adjusted EBITDA was $449 million, marking the 7th consecutive quarter of positive adjusted EBITDA.
- The company ended the quarter with $8.2 billion in $USD resources, up $417 million Q/Q.
Headline financials
Revenue & EPS history
Coinbase · Revenue · Quarterly
$1.21B
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 Q4 subscription and services revenue to be within $505-$580 million. Technology & development and general & administrative expenses are expected to range from $690-$730 million. Sales and marketing expenses are projected to be between $170-$220 million.
Tailwinds
- The company updated its vesting schedule for new awards to achieve linear expense recognition.
- Future stock-based compensation expenses related to annual grants will be primarily driven by our employee population rather than our vesting schedule.
- Sales and marketing expenses are expected to be in the range of $170-$220 million, primarily driven by USDC rewards expense related to higher on platform balances and higher brand spend, partially attributable to our NBA partnership.
- Transaction revenue for October is estimated to be approximately $190 million.
- The company will host a conference call to discuss the results for the third quarter 2024 on October 30, 2024 at 2:30 pm PT.
Headwinds
- Q4 range reflects certain headwinds, including an observed 10% decline in the average price of Ethereum in October as compared to Q3 average and interest rate cuts reflecting market expectations.
- Variable marketing costs can fluctuate greatly depending on USDC assets on platform, market trends, and the opportunities available that meet our customer cost of acquisition targets.
- Estimating October total transaction revenue will be approximately $190 million, caution is urged in extrapolating these estimated results.
- We expect technology & development and general & administrative expenses to be in the range of $690-$730 million.
- We expect Q4 subscription and services revenue to be within $505-$580 million.
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 Q3 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 | — | — | — |
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