Trade The News story
Reports Q1 $3.05 v $3.88e, Rev $1.80B v $1.81Be
- Guides Q2 Trading volume to meet or slightly exceed Q1, Q2 MTUs to be higher than Q1 levels
- Raises FY21 annual avg monthly transacting users MTU 5.5-9.0M (prior: 4.0-7.0M)
- Verified users 56M
- Monthly Transacting Users (MTU) 6.1M v 1.3M y/y v 2.8M q/q
- Trading volume $355B v $30B y/y v $89B q/q
- Q2 2021 outlook: Quarter to date for Q2 2021 we have seen a continuance of the strong crypto price cycle with high prices of many crypto assets, high levels of volatility and high interest in crypto across retail and institutional users.
Coinbase quarter to date performance across our four key business metrics are trending to meet or exceed our Q1 results. For example, we expect total Trading Volume to meet or slightly exceed Q1 Trading Volume if our performance continues at the current pace. MTUs have grown since March 31, 2021 driven by continued strength in the crypto market and our increased investment in sales and marketing. Within Q2, Coinbase has spent over two weeks as a top 10 free app on iOS and Android. We expect our Q2 MTUs to be higher than Q1 levels.
- Comments: Despite our strong Q1 results, the rapid expansion of the cryptoeconomy also creates challenges for Coinbase. Competition is increasing as new market entrants join the cryptoeconomy every month. Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer. We welcome these challenges as they indicate that the market we serve is growing rapidly, but we also have to continue to move quickly to address them, and that inspires us towards action and growth.
** NOTE: 04/06 COIN Reports prelim Q1 Net $730-800M, adj EBITDA $1.11-1.15B, Rev $1.8B v $191M y/y
- Raises FY21 annual avg monthly transacting users MTU 5.5-9.0M (prior: 4.0-7.0M)
- Verified users 56M
- Monthly Transacting Users (MTU) 6.1M v 1.3M y/y v 2.8M q/q
- Trading volume $355B v $30B y/y v $89B q/q
- Q2 2021 outlook: Quarter to date for Q2 2021 we have seen a continuance of the strong crypto price cycle with high prices of many crypto assets, high levels of volatility and high interest in crypto across retail and institutional users.
Coinbase quarter to date performance across our four key business metrics are trending to meet or exceed our Q1 results. For example, we expect total Trading Volume to meet or slightly exceed Q1 Trading Volume if our performance continues at the current pace. MTUs have grown since March 31, 2021 driven by continued strength in the crypto market and our increased investment in sales and marketing. Within Q2, Coinbase has spent over two weeks as a top 10 free app on iOS and Android. We expect our Q2 MTUs to be higher than Q1 levels.
- Comments: Despite our strong Q1 results, the rapid expansion of the cryptoeconomy also creates challenges for Coinbase. Competition is increasing as new market entrants join the cryptoeconomy every month. Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer. We welcome these challenges as they indicate that the market we serve is growing rapidly, but we also have to continue to move quickly to address them, and that inspires us towards action and growth.
** NOTE: 04/06 COIN Reports prelim Q1 Net $730-800M, adj EBITDA $1.11-1.15B, Rev $1.8B v $191M y/y