Coinbase Global Inc. (NASDAQ:COIN) posted a $394 million net loss in Q1, but Bernstein maintains its outperform rating and $330 price target, implying 71% upside from Thursday’s close at $192.96.
Q1 Results Miss Across The Board
Coinbase revenue came in at $1.41 billion at its earnings cal, missing estimates by 5%. Adjusted EBITDA of $303 million fell 26% short of expectations.
The company posted a net loss of $394.1 million, reflecting $482 million in unrealized losses tied to its crypto investment portfolio.
Weaker crypto markets weighed on both trading activity and subscription revenue.
Total crypto market capitalization and industry trading volumes both dropped more than 20% from the prior quarter.
Total spot trading volume fell 25% quarter-over-quarter to $202 billion.
Retail trading volume dropped 36% to $36 billion, while monthly transacting users declined 10% to 8.2 million.
The Everything Exchange Strategy Takes Shape
