In this video, I will be talking about the recent crypto crash fueled by Terra (LUNA +4.11%) and go over Coinbase's (COIN +6.23%) recent earnings report.
- Coinbase reported earnings per share of negative $0.86 and revenue of $1.16 billion.
- Net income (loss) was $430 million, and adjusted EBITDA was $20 million.
- Monthly transacting users stood at 9.2 million, 50% higher than the prior year but down 19% quarter over quarter.
- Coinbase has plenty of cash on balance, but management said it has no plans to buy back shares right now.
- The sister token of stablecoin TerraUSD crashed to basically $0, bringing the whole cryptocurrency market down with it. Bitcoin dropped back to under $30,000.
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*Stock prices used were the closing prices of May 13, 2022. The video was published on May 16, 2022.
