Coinbase Q2 Earnings Preview: Guidance and Diversification in Focus

Coinbase reports Q2 earnings after the close on July 30, with Wall Street expecting a soft quarter. Consensus revenue sits near $1.31 billion, down roughly 13% year over year. The EPS consensus has slipped to about $0.15, while HC Wainwright projects $0.05.

The bigger question is whether management can justify Coinbase’s valuation through stronger guidance and growing revenue beyond spot trading.Estimate cuts have been broad. Barclays expects Q2 trading volume near $152 billion, below the Street consensus of roughly $178 billion.

The bank also sees adjusted EBITDA about 3% below consensus and revenue near the lower end of guidance. Softer crypto prices and slower USDC growth remain the biggest headwinds.Clear Street forecasts roughly $160 billion in trading volume and adjusted EBITDA near $301 million.

JPMorgan also cut its price target from $283 to $196 on July 17.