Search results for earnings

  • Bitcoin Miners Cash in Significant Earnings Before Price Fall

    BTC has been able to maintain a $24,000 support level over the previous weeks. Over the last day, the value

  • 'We're Very Well-Positioned To Continue To Be A Market Leader': Kevin O'Leary-Backed WonderFi Says During Earnings Call

    The Kevin O’Leary-backed crypto platform, Wonderfi Technologies Inc (OTCMKTS: WONDF) issued its third-quarter earnings report on Monday that showed revenues of $2.9 million and $3.2 million for the three and nine months, respectively, that ended June 3. WonderFi had $356 million in total assets as of June 30, 2022, including $15 million in cash and $5.6 million in crypto assets and inventory, as well as $185 million of assets under custody for customers. Benzinga obtained a recording of WonderFi’s earnings call before the transcript was made available. Here are the most important company updates. "I think we’re very well-positioned to continue to be a market leader in Canada,” said WonderFi CEO Ben Samaroo. “We’re focused on expanding that footprint globally. In the quarter, we successfully integrated the BitBuy acquisition which has brought numerous operational and technology synergies, many of which we’ve started to realize.” Read more: Dogecoin, Shiba Inu Strike Big Gains In Meme Coin Bonanza As Bitcoin, Ethereum Retreat — Analyst Points To An 'Interesting' Pattern WonderFi completed the acquisition of BitBuy — a Canadian crypto exchange — back in March. Under the terms of the deal, WonderFi acquired all of the issued and outstanding shares of First Ledger Corp. (FLC), the previous owner of BitBuy. The payment to former shareholders of FLC consisted of 70 million newly issued common shares of WonderFi — most were subject to certain lock-up requirements — with $20 million in upfront cash and $30 million in deferred cash via a vendor-takeback note which was subject to a working capital adjustment. “As an investor in this space, I’m very optimistic for the long-term opportunity here,” said Kevin O’Leary, who has been a prominent supporter of WonderFi. “Because this [crypto] industry is so nascent, there’s been a lot of weight management. When there is a huge opportunity for growth, there are a lot of opportunists, but they don’t have any executional skills — at the same time, you have policy at the doorstep in Washington D.C, and that’s a very very good thing.” There is a run for quality, a run for compliance and a run for a regulated platform, “that is exactly what WonderFi is,” O’Leary said. Due to current market conditions, WonderFi announced in the earnings call that it was postponing its WonderFi DeFi mobile application, but noted it is still available via desktop in 174 countries. Check this out: Touchdown Or Interception? Here's How Much An $1,000 Investment In Bitcoin Is Worth Since Tom Brady Had Laser Eyes “We’re working with Canadian regulators for regulatory approval, and clarity on that app which would be the first of its kind globally,” Samaroo said. The tech CEO said during the call that the company is continuing its focus on mergers and acquisitions during the market downturn, much like Sam Bankman-Fried’s FTX-related companies. “We think the value proposition of regulated platforms with track records of significant transaction volume, and operations will continue to grow as we move forward. It is a central part of WonderFi’s thesis,” Samaroo said. WonderFI provides secure access to compliant crypto through regulated Web3 companies. Due to its highly regulated business model, WonderFi was able to curb the crypto liquidity crisis that caused several crypto companies to declare bankruptcy as a result of excess use of leverage. It does not borrow or lend to its users. Photo: T. Schneider via Shutterstock   © 2022 Benzinga does not provide investment advice. All rights reserved.

  • WonderFi Issues Q3 Earnings: How Did The Kevin O'Leary-Backed Crypto Platform Do?

    The Kevin O’Leary-backed crypto platform, Wonderfi Technologies Inc (OTCMKTS: WONDF) provides secure access to compliant crypto through regulated Web3 companies. About Wonderfi: Decentralized finance, also known as DeFi, is the technology that enables market participants to lend to, borrow and exchange goods with one another. Unlike exchanges designed using the centralized finance (CeFi) model, WonderFi is non-custodial and does not impose taxes on the system through the use of intermediaries. Participants can also make money by posting liquidity and earning yields or trading revenue. In a compliant and controlled setting, WonderFi offers unified access to digital assets including crypto, DeFi, gaming, and NFTs. Read more: Gamble In The Metaverse? This Casino Company Just Took First Step To Enter What Happened: The company issued its third-quarter earnings report on Monday that showed revenues of $2.9 million and $3.2 million for the three and nine months, respectively, that ended June 30. The increase in bookings came from the acquisition of Bitbuy and represents the activity of Bitbuy from March 25, 2022 to June 30, 2022. The company had $356 million in total assets as of June 30, 2022, including $15 million in cash and $5.6 million in crypto assets and inventory, as well as $187 million of assets under custody for customers. “WonderFi continued to make significant steps in our path to becoming a global leader in crypto in the third quarter,” WonderFi CEO Ben Samaroo said. “We completed our Toronto Stock Exchange listing and closed the acquisition of Coinberry following quarter-end. We remain focused on integrating all of our newly acquired businesses, continuing our user acquisition growth and unlocking the significant sales and cost synergy opportunities available.” Due to its highly regulated business model, WonderFi was able to curb the crypto liquidity crisis that caused several nascent crypto companies to declare bankruptcy as a result of excess use of leverage. WonderFi, or its subsidiaries does not offer, use, or access leverage and does not lend to its customers. “We have established the resilience of our business in a down market, amidst the collapse of several global crypto trading platforms,” Samaroo said. “We believe our commitment to regulation and compliance will continue to serve our users and investors going forward.” Photo: T. Schneider via Shutterstock © 2022 Benzinga does not provide investment advice. All rights reserved.

  • Stronghold Digital Mining pushes back Q2 earnings due to ‘significant announcement’

    Stronghold Digital Mining has pushed back its second-quarter earnings call to August 15. The post Stronghold Digital Mining pushes back Q2 earnings due to ‘significant announcement’ appeared first on The Block.

  • 4 Coinbase Analysts Have Mixed Feelings On Q2 Earnings: Are There Glimmers Of Hope?

    Cryptocurrency platform Coinbase Global Inc (NASDAQ: COIN) reported second-quarter financial results after market close Tuesday. Here’s what analysts are saying about the company, the crypto bear market and what’s ahead. The Coinbase Analysts: Bank of America analyst Jason Kupferberg had a Buy rating and price target of $92. JMP Securities analyst Devin Ryan had a Market Outperform rating and lowered the price target from $205 to $195. Mizuho Securities analyst Dan Dolev had a Neutral rating and a price target of $42. Needham analyst John Todaro had a Buy rating and price target of $89. Related LInk: Coinbase Q2 Earnings Highlights: Revenue And EPS Miss, Company Remains Optimistic  The Analyst Takeaways: Bank of America's Kupferberg called the quarterly report from Coinbase a “mixed bag.” The company reported revenue below analysts’ estimates but showed optimism for the rest of the year. The analyst highlighted the company’s focus on costs and also its risk management with comments that it had no exposure to Celsius, Three Arrows Capital or Luna issues. “COIN also has a history of no credit losses from financing activities, holds customers assets 1:1, and any lending activity of customer crypto is at the discretion of the customer,” Kupferberg said. “We believe these stringent risk management practices will be a positive long-term differentiator for COIN.” JMP Securities' Ryan lowered the price target but still had one of the highest targets for the cryptocurrency platform. The analyst said the long-term thesis on Coinbase remains intact. “We characterize 2Q22 as an incredibly tough quarter, but one we were generally braced for given the challenging macro dynamics,” Ryan said. The analyst also highlighted monthly transacting users being down only 2% on a quarter-over-quarter basis despite the macro issues. “We continue to have the conviction that Coinbase remains incredibly well positioned to benefit as the pendulum moves back into the middle, which we believe it inevitably will.” Mizuho Securities' Dolev pointed to weak volumes in the second quarter and overhanging issues that lingered for Coinbase. “User and ARPU guide downs should weigh on sentiment as well,” Dolev said. Needham's Todaro highlighted optimism in the subscription and services business related to the Ethereum (CRYPTO: ETH) merge coming. “We view Coinbase as an attractive way to play the growing crypto asset universe, which includes overlap in the high growth areas of stablecoins, decentralized finance, non-fungible tokens, borrow/lend application and yield farming,” Todaro said. The analyst said the company can grow its trading revenue and its “crytpo ecosystem.” Todaro highlights the ease of use of the company’s platform and its growing momentum with institutions. COIN Price Action: Coinbase shares are up 5.01% to $92.03 on Wednesday at publication. Photo: Nadezda Murmakova via Shutterstock   Latest Ratings for COIN DateFirmActionFromTo Mar 2022Goldman SachsMaintainsBuy Feb 2022Compass PointMaintainsNeutral Feb 2022Canaccord GenuityMaintainsBuy View More Analyst Ratings for COIN View the Latest Analyst Ratings © 2022 Benzinga does not provide investment advice. All rights reserved.

  • Commentary on Coinbase’s Q2’22 Earnings

    Quick Take Trading closed down  (11%) at $87.68 / share and slumped another (5%) to 82.90 / share in afterhours trading  Reported $808mm total revenue, ($4.95) EPS, $217bn Trading Volume and ($1.1bn) Net Income Reflects a (7.5%), (100%) miss, +0.41% beat and (102%) miss respectively +48% rally last week from Coinbase x Blackrock partnership announcement  June 14, 2022 announced internal restructuring plan  1,100 FTE dismissals, an (18%) company wide reduction in FTE count as of June 10, 2022 June 2022 indictment against former Coinbase Product Manager Ishah Wahi and related parties for front running digital assets August 2022 lawsuits launched against Coinbase regarding business practices and disclosure surrounding digital assets requiring Security & Exchange Commission (SEC) registration as securities

  • Coinbase’s Q2 Below Par Earnings Leads Stock Price to Fumble

    Analysts had expected Coinbase to bring in $832.2 million in revenue. The overall number of people using the platform decreased

  • Coinbase Stock Dives After Q2 Earnings While Claiming They're An 'All Weather Company' For Crypto Prices Cycles

    Cryptocurrency platform Coinbase Global Inc (NASDAQ: COIN) reported second quarter financial results and shared an updated full year guidance after market close Tuesday. What Happened: Coinbase reported second quarter revenue of $802.6 million, compared to $2.0 billion in the previous year’s second quarter. Revenue missed a Street consensus of $830.5 million, according to data from Benzinga Pro.  The company reported a loss of $4.98 per share in the second quarter, missing a Street estimate of a loss of $2.68 per share. The company reported 9 million monthly transacting users in the second quarter, down 2% from the first quarter and up from the 8.8 million reported in the year ago period. Coinbase had trading volume of $217 billion in the second quarter, down 30% from the first quarter. Assets on the platform were $96 billion in the second quarter, down from $256 billion in the first quarter. Bitcoin (CRYPTO: BTC) made up 31% of trading volume and 31% of revenue, compared to 24% and 25% in the first quarter, respectively. Ethereum (CRYPTO: ETH) made up 22% of trading volume and 22% of revenue, compared to 21% and 23% in the first quarter, respectively. “At Coinbase, we live by the mantra ‘it’s never as good as it seems, and it’s never as bad as it seems,’” the company said. The company cited macroeconomic conditions and the crypto market dropping 60% of its market capitalization in the second quarter. “Coinbase is an all-weather company with experience in navigating through crypto asset price cycles.” The company focused on several chapters for the business in its shareholder letter: Chapter 1: crypto is cyclical Chapter 2: down markets create financial headwinds Chapter 3: Coinbase is adjusting to market conditions Chapter 4: building for the future, and excited by product momentum Chapter 5: strong capital and risk position Chapter 6: outlook Along with the chapters laying out the company’s foundation and goals, Coinbase highlighted it has not blocked client withdrawals and had no credit losses from financing activities or exposure to client insolvencies. “We did not have exposure to the significant trading volumes related to the liquidation events of $LUNA, Three Arrows Capital, Celsius and Voyager.” Related Link: What To Watch For On Coinbase Global As The Stock Reacts To Q2 Earnings Results  What’s Next: The company put an emphasis on taking several steps to streamline costs given the macroeconomic issues. This includes an 18% employee reduction in June and several other cost-cutting measures. Guidance for the third quarter is lower monthly transacting users and trading volume than the second quarter, based on current trends and conditions seen in July. For the full fiscal year, Coinbase sees monthly transacting users hitting a range of 7 million to 9 million. “We continue to take a long-term view and remain focused on building for the future,” the company said. The company said down markets can feel scary, but are “not as bad as they may seem.” “At Coinbase, we are optimists and are focused on building great products and services for our users.” COIN Price Action: Coinbase shares are down 3% to $85.42 in after-hours trading Tuesday. © 2022 Benzinga does not provide investment advice. All rights reserved.

  • How To Trade Marathon Digital After Q2 Earnings Print As The Stock Continues To Outpace Bitcoin

    Marathon Digital Holdings, Inc (NASDAQ: MARA) surged up over 11% at one point on Monday before falling to trade about 2% higher as the stock headed toward its second-quarter earnings print, which is expected after the market close. When the Bitcoin (CRYPTO: BTC) miner printed a big first-earnings miss on May 4, the stock plunged 50% over the six trading days that followed to reach a May 12 low of $8.80. The stock then bounced up briefly before continuing in its steep downtrend, which brought Marathon to a July 5 52-week low of $5.20. For the first quarter, Marathon reported revenue of $51.72 million, which missed the $54.27 million consensus estimate. The company reported an earnings loss of 2 cents per share, missing a consensus estimate of 22 cents per share. Marathon mined 1,259 bitcoin during the quarter, an increase of 556% from the same period the year prior. For the second quarter, analysts, on average, estimate Marathon will report an earnings loss of 22 cents per share on revenues of $37.57 million. Traders and investors will be watching closely to see if Marathon has continued to significantly increase its production of Bitcoin during the second quarter. From a technical analysis perspective, Marathon’s stock looks bullish heading into the event, having settled into a consistent uptrend pattern on the daily chart. It should be noted that holding stocks or options over an earnings print is akin to gambling because stocks can react bullishly to an earnings miss and bearishly to an earnings beat. Options traders — particularly those who are holding close dated calls or puts — take on extra risk because the algorithms writing the options increase premiums to account for implied volatility. For options traders with weekly calls, to profit from Marathon’s potential run higher or drop to new lows, the stock will need to move more than 16.44%, which is the implied move institutions have priced into the calls and puts expiring this Friday. If Marathon reacts to a lesser degree, the premiums will drop on Tuesday and the options are likely to expire worthless. Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial. The Marathon Chart: Since reaching the 52-week low, Marathon has been trading higher in an uptrend, outpacing Bitcoin, which reversed course into an uptrend on July 3. Bitcoin has gained about 27% between that date and Monday in comparison to Marathon, which is trading up about 178% from the 52-week low. Marathon’s most recent higher low in its uptrend was printed on Friday at $13.13 and the most recent confirmed higher high was formed at the $15.03 level the day prior. On Monday, Marathon spiked up above the most recent higher high, and if the stock falls lower on Tuesday, Monday’s high-of-day may serve as the next higher high within the pattern. A pullback, at least to print another higher low, is likely to come over the next few days because Marathon’s relative strength index (RSI) is measuring in at about 67%. When a stock’s RSI nears or reaches the 70% level it becomes overbought, which can be a sell signal for technical traders. Marathon may also be trading above an ascending trendline on the daily chart, which may act as support if the stock falls lower. If Marathon suffers a bearish reaction to its earnings print and breaks down from the trendline on higher-than-average volume, the uptrend will likely be negated and a downtrend may be in the cards. Marathon has resistance above at $14.66 and $19.31 and support below at $9.93 and $7.79. See Also: Someone Just Sent $42M In Bitcoin Onto Coinbase Photo via Shutterstock. © 2022 Benzinga does not provide investment advice. All rights reserved.

  • Is A Surprise Coming For Coinbase (COIN) This Earnings Season?

    Investors are always looking for stocks that are poised to beat at earnings season and Coinbase Global, Inc. (NASDAQ: COIN) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report. That is because Coinbase is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for COIN in this report. In fact, the Most Accurate Estimate for the current quarter is currently at a loss of $1.44 per share for COIN, compared to a broader Zacks Consensus Estimate of a loss of $3.04 per share. This suggests that analysts have very recently bumped up their estimates for COIN, giving the stock a Zacks Earnings ESP of +52.69% heading into earnings season. Coinbase Global, Inc. Price and EPS Surprise Coinbase Global, Inc. price-eps-surprise | Coinbase Global, Inc. Quote Why is this Important? A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here). Given that COIN has a Zacks Rank #3 and an ESP in positive territory, investors might want to consider this stock ahead of earnings. Clearly, recent earnings estimate revisions suggest that good things are ahead for Coinbase, and that a beat might be in the cards for the upcoming report. Image sourced from Shutterstock This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

  • Block Inc Q2 Earnings Highlights: Revenue And EPS Beat, Shares Fall On Outlook And Bitcoin Impact

    Financial company Block Inc (NYSE: SQ) reported second-quarter financial results after the market close Thursday. Here are the key highlights for investors and details on how Bitcoin (CRYPTO: BTC) impacted the results. What Happened: Block Inc, which changed its name from Square in December, reported second-quarter revenue of $4.4 billion, down 6% year-over-year. Revenue beat a Street consensus total of $4.35 billion, according to data from Benzinga Pro. The company said excluding Bitcoin, second-quarter revenue was $2.62 billion, up 34% year-over-year. Block reported earnings per share of 18 cents in the second quarter, beating a Street consensus of 17 cents per share. The company reported a gross profit of $1.47 billion in the second quarter, up 29% year-over-year. Gross profits for both Square and Cash App grew by 29% year-over-year, with Square seeing $755 million and Cash App seeing $705 million. Block highlighted its food and drink business seeing the fastest gross profit of any company unit on a five-year CAGR basis. GPV from Square for Restaurants has more than doubled year-over-year through the first six months of the year. New mobile point-of-sale software was launched in the second quarter for tableside ordering and queues. The company’s Cash App Borrow segment was highlighted ,with over 1 million active accounts in June. For growth for its Cash App business, Block is focusing on: community, financial services, crypto, operating system, trust, commerce and global. Forty-seven million accounts that transacted on Cash App in the month of June. Retention was cited as strong and improving for Cash App. In-person buy-now, pay-later with Afterpay was launched in May for sellers in the U.S. and Australia. “These in-person capabilities build upon our online integration, creating a truly omnichannel BNPL experience for buyers,” the company said. Related Link: More Runway Left For Block  What’s Next: Block sees a focus on three strategic priorities moving forward: omnichannel, growing upmarket and expanding globally. The company said the month of July is expected to see Square GPV up 18% year-over-year. Cash App business is expected to see gross profits up year-over-year for the month of July. The company said Cash App and Square are both well positioned to help customers and grow based off recent trends. Block updated investors on its operating expenses guidance. “We intend on being disciplined with our investments, particularly as we enter a potentially dynamic macro environment,” the company said. SQ Price Action: Block shares were down 5.35% at $84.90 in after-hours trading Thursday. Photo courtesy of Square.  © 2022 Benzinga does not provide investment advice. All rights reserved.