Coinbase's New Trading Volume

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Coinbase's New Trading Volume

Shares of Coinbase Global (Nasdaq: COIN) dropped 5.45% in after-hours trading on Tuesday after the cryptocurrency exchange platform posted negative financial earnings results.

Financials: Coinbase lost $4.98 per share and reported revenue of $808.3 million; both were below estimates.

The Bad: Trading volume dropped 30% and transaction revenue fell 35%. The lower trading volume resulted in net revenue declining 31% since the previous quarter. And with operating expenses up 8%, net losses totaled $1.1 billion. The declining price of crypto factored into the losses.

The Good: Despite the tough macro environment, subscription and services revenue jumped 44% and monthly transacting users declined only by 2% since the first quarter.

Numbers: Coinbase’s stock is down 65% this year, but is up 62% in the past 30 days as crypto losses slowed down.

Final Thoughts: Coinbase is a good bellwether for the crypto industry, which has been in trouble all year.

Notables

Notable Earnings Today: Bumble (Nasdaq: BMBL), Walt Disney (NYSE: DIS), Jack in the Box (Nasdaq: JACK), Wix (), Dutch Bros (NYSE: BROS), Jumia Technologies (NYSE: JMIA), Coupang (NYSE: CPNG), Wendy's (Nasdaq: WEN), ADMA Biologics (Nasdaq: ADMA), Arcos Dorados Holdings (NYSE: ARCO), Matterport (Nasdaq: MTTR), Paysafe (NYSE: PSFE), Sonos (Nasdaq: SONO), Fox Corp. (Nasdaq: FOXA), Marqeta (Nasdaq: MQ), CyberArk Software (Nasdaq: CYBR), Ballard Power Systems (Nasdaq: BLDP), Alpha & Omega Semiconductor (Nasdaq: AOSl), Xeris Biopharma Holdings (Nasdaq: XERS), Vaalco Energy (NYSE: EGY), AppLovin (Nasdaq: APP), Coherent (Nasdaq: COHR), Franco-Nevada (NYSE: FNV), Manulife Financial (NYSE: MFC), Pan Am Silver (Nasdaq: PAAS), Red Robin Gourmet (Nasdaq: RRGB), Traeger (NYSE: COOK), Wolverine World Wide (NYSE: WWW).

Notable IPOs Today: bioAffinity Technologies, Inc. (Nasdaq: BIAF), Embrace Change Acquisition Corp. (Nasdaq: EMCGU), Aquaron Acquisition Corp. (Nasdaq: AQUNU).

Notable Equity Crowdfunding Campaigns Ending Today: Aperio Beauty (StartEngine), PurposeEnergy (StartEngine).

Notable Economic Events Today: CPI / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

The Trade Desk’s Strong Customer Retention

Shares of The Trade Desk (Nasdaq: TTD) jumped 17.80% in after-hours trading on Tuesday after the programmatic marketing company posted positive financial results.

Financials: The Trade Desk reported earnings of 20 cents per share and revenue of $377 million; both were better than expected.

Retaining: Customer retention hit 95% in the quarter.

Final Thoughts: Despite a tough environment for the online advertising business, The Trade Desk showed in the quarter that it can thrive. However, the stock is down 39% this year.

Roblox Growth Slows Down

Shares of Roblox (NYSE: RBLX) dropped 17.44% in after-hours trading on Tuesday after the video game developer posted negative financial earnings results.

Financials: Roblox reported a loss of 30 cents per share, which was below estimates. But the company’s revenue of $639.9 million was better than expected.

Daily: Average daily active users grew 21%, which is a slower rate than last year.

Final Thoughts: Roblox is trying to maintain its userbase in a post-pandemic world.

Trends to Watch

Not Wynning: Macao revenue decline results in more losses for Wynn Resorts (Las Vegas Review-Journal)

Powerless: Plug Power stock dips after earnings hit by fuel pressure (MarketWatch)

Sign of the Times: Crypto lender Hodlnaut follows other firms in freezing withdrawals (The Verge)

Finally: Critical inflation report could show price increases have eased (CNBC)

Unsweetened: Sweetgreen Lowers Outlook, Cuts Some Jobs (The Wall Street Journal)

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