Replies to post #2248 on Coinbase Global Inc (COIN)

[JohnCM]

Overpriced?

Coinbase revenue tripled from last quarter as crypto prices skyrocketed

THU, MAY 27 202110:47 AM

In Q1, Coinbase had earnings per share of $3.05, the company said Thursday.

It also brought in $1.80 billion of revenue, up from $585 million in the fourth quarter of 2020 and $191 million a year ago.

Coinbase shares were up about 3% in after-hours trading Thursday, after reporting that revenue and net income skyrocketed in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors. The results largely matched estimates that Coinbase delivered on April 6, about a week before its public debut.

Here’s how the cryptocurrency exchange did in its first earnings report since the company’s direct listing in April:

Earnings: $3.05 per share

Revenue: $1.80 billion, up from $585 million in the previous quarter.
The company’s net profit for the quarter was over $771 million, more than fourfold over Q4 2020's figure of $177 million and more than 24 times higher than the year-ago quarter’s profit.

On the earnings call, the company said that it planned to list dogecoin in the next six to eight weeks. The meme-inspired cryptocurrency was up as much as 26,000% in the last six months, before falling after Elon Musk’s “Saturday Night Live” hosting debut, in which he called dogecoin a “hustle.”

[JohnCM]

Sotheby's to Accept Cryptocurrency in Auction of Rare Diamond

BY MT Newswires

12:50 PM EDT, 06/21/2021 (MT Newswires) -- The private auction house Sotheby's announced on Monday that it will accept Bitcoin and Ether from bidders for the 101.38-carat diamond that it is auctioning on July 9 in Hong Kong.

If the winning bidder chooses to pay using cryptocurrency, then Coinbase Commerce will process the transaction.

Price: 223.50, Change: -5.79, Percent Change: -2.52