Zacks Investment Research named Coinbase Global its Bear of the Day. The firm assigned the stock a Rank #5 (Strong Sell) rating. Analysts cited a deteriorating near-term earnings outlook for the company.
Coinbase reported an adjusted loss of $0.39 per share for the second quarter. This result missed the consensus estimate of $0.14 earnings per share. Revenue for the quarter reached $1.22 billion. This figure fell short of the $1.29 billion expected by analysts. Total revenue declined 18% compared to the previous year.
Monthly Transacting Users dropped to 7.6 million. Transaction revenue fell 21% year-over-year. This performance marks the third earnings miss for Coinbase in the last four quarters. Analysts are now aggressively revising earnings estimates downward.