Editorial StaffRevenue soars almost 12-fold to $2.22 billion in the second quarter. The FactSet analyst consensus called for $1.79 billion in the latest quarter.
Coinbase (COIN) shares firmed in after-hours trading Tuesday, after the crypto asset exchange reported results for the second quarter that creamed estimates.
Revenue soared almost 12-fold to $2.22 billion in the quarter from $186 million last year. The FactSet analyst consensus called for $1.79 billion in the latest quarter.
Net income registered $1.6 billion, or $6.42 a share, up from $32 million a year ago. There’s no per-share figure for last year, because Coinbase only went public this April.
Analysts forecast profit of $2.66 a share for the latest quarter.
Coinbase on Tuesday traded at $270, up 0.12%. It has slumped 18% since April 14.
In its mid-level forecast for the year, Coinbase estimates average monthly transaction users of 7 million.
“This scenario assumes flat crypto market capitalization and low-to-moderate crypto asset price volatility,” the company said.
“This scenario assumes MTUs remain similar to August month-to-date levels for the remainder of 2021,” the company added.
Last month, Cathie Wood-led ARK Investment Management shed shares in chipmaker Nvidia (NVDA) and e-commerce back-end provider Shopify (SHOP). Ark shifted some of its capital into Coinbase amid a dip in the crypto exchange provider’s stock price.
Ark sold 785 shares of Nvidia, estimated to be worth about $635,850, according to Business Insider. ARK also sold 16,034 shares in e-commerce company Shopify, estimated to be worth about $24.3 million.
The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in Coinbase on the dip, according to reports. Share-purchase information comes from a subscription to ARK’s daily trading information.
That purchase came less than three weeks after ARK added 214,718 shares of Coinbase.
