{"id":17932,"date":"2023-02-21T23:16:30","date_gmt":"2023-02-21T23:16:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/should-you-buy-coinbase-stock-after-q4-results\/"},"modified":"2023-02-21T23:16:30","modified_gmt":"2023-02-21T23:16:30","slug":"should-you-buy-coinbase-stock-after-q4-results","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/should-you-buy-coinbase-stock-after-q4-results\/","title":{"rendered":"Should you buy Coinbase stock after Q4 results?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/02\/166698675_m-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/02\/166698675_m-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/02\/166698675_m-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/02\/166698675_m-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Coinbase reports market-beating results for its fiscal Q4.<\/li>\n<li>Mizuho\u2019s Dan Dolev shares his outlook on Coinbase Global.<\/li>\n<li>Coinbase stock is currently up about 90% for the year.<\/li>\n<\/ul>\n<p>Coinbase Global Inc (NASDAQ: COIN) is trading slightly up in extended hours after reporting market-beating results for its fourth financial quarter.<\/p>\n<h2>How is its current quarter going so far?<\/h2>\n<p>Also a positive was its update on the current quarter.<\/p>\n<p>Year-to-date, Coinbase said the crypto market cap is up 40% and transaction revenue was $120 million last month. Nonetheless, the crypto company is not very bullish on the rest of the year, as per its <a href=\"https:\/\/s27.q4cdn.com\/397450999\/files\/doc_financials\/2022\/q4\/Shareholder-Letter-Q4-2022.pdf\" target=\"_blank\" rel=\"noopener\">letter to the shareholders<\/a>.<\/p>\n<blockquote>\n<p>Given the unpredictability of crypto markets, we have limited certainty around the rest of the year.<\/p>\n<\/blockquote>\n<p>Coinbase stock is currently up about 90% for the year.<\/p>\n<h2>Is Coinbase stock a \u2018buy\u2019 now?<\/h2>\n<p>Coinbase ended the quarter with 8.3 million monthly transacting users \u2013 slightly ahead of 8.2 million that Street had anticipated. Still, Mizuho\u2019s Dan Dolev said on CNBC\u2019s \u201c<a href=\"https:\/\/www.cnbc.com\/video\/2023\/02\/21\/i-dont-see-great-things-for-coinbase-in-2023-says-mizuhos-dan-dolev.html\" target=\"_blank\" rel=\"noopener\">Closing Bell: Overtime<\/a>\u201d:<\/p>\n<blockquote>\n<p>The take rate continues to come down. Interest income is non-core to this business. Retail investors are uninvolved. So, I don\u2019t think it\u2019s much to ride on about.<\/p>\n<\/blockquote>\n<p>Dolev currently has an \u201cunderperform\u201d rating on Coinbase stock. His $30 price target suggests an alarming 50% downside from here.<\/p>\n<h2>Notable figures in Coinbase Q4 report<\/h2>\n<ul>\n<li>Lost $557 million that translates to $2.46 a share<\/li>\n<li>That compares to $840 million of profit last year<\/li>\n<li>Revenue tanked about 75% YoY to $629 million<\/li>\n<li>Consensus was $2.52 loss on $588 million revenue<\/li>\n<li>Trading volume in its Q4 tanked to $145 million<\/li>\n<\/ul>\n<h2>Dolev is bearish on the category<\/h2>\n<p>According to Coinbase, its subscription and services revenue climbed 34% in the recent quarter, as per its <a href=\"https:\/\/investor.coinbase.com\/news\/news-details\/2023\/Coinbase-Releases-Fourth-Quarter-and-Full-Year-2022-Shareholder-Letter\/\" target=\"_blank\" rel=\"noopener\">earnings press release<\/a>. Still, Mizuho\u2019s Dolev said:<\/p>\n<blockquote>\n<p>I\u2019m extremely bearish on the overall category. As money becomes tighter and people realise they might be laid off, I don\u2019t think they\u2019ll play crypto. So, I don\u2019t see great things in 2023 for them.<\/p>\n<\/blockquote>\n<p>Transaction revenue was down 12% year-on-year in the fourth quarter. Coinbase now has $5.50 billion worth of total dollar resources.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/buy-coinbase-stock-after-q4-results\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Coinbase reports market-beating results for its fiscal Q4. Mizuho\u2019s Dan Dolev shares his outlook on Coinbase Global. Coinbase stock is currently up about 90% for the year. Coinbase Global Inc (NASDAQ: COIN) is trading slightly up in extended hours after reporting market-beating results [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":17933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17932"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=17932"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/17933"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=17932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=17932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=17932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}