Coinbase Reports First Earnings and CorMedix Earnings Meltdown
Coinbase is somehow one of the hottest stocks in the market, even though they just entered the market a month ago with an IPO. It does make some sense when you look at what they do. Coinbase provides a platform to trade multiple cryptocurrencies, and it has claimed the throne as the largest public exchange in the stock market currently.
Many were anticipating Coinbase’s first public earnings report, and it came on Thursday. They reported a profit of $3.05 per share, and revenue went up by $585 million. Along with that, their net profit increased by 4 times as the rise in cryptocurrency prices benefitted them heavily. 94 percent of their revenue came from transaction fees, which Coinbase is known for using. To excite more traders, they announced that they are going to allow Dogecoin trading in the coming weeks.
Coinbase was flat after hours, staying at its closing price of $265.10
CorMedix is the true definition of a volatile biotech company. They are a micro-cap stock with a market cap of $287.463 million, and like many biotech’s, they sit far away from their 52-week high, which was $18.80.
On Thursday, CorMedix reported their earnings after the market closed. They reported a loss of 20 cents per share, which missed the expectation, and they reported $0.09 million in revenue. This might seem small, but this is a micro-cap, and it beat the expectations.
Weird enough, CorMedix stock dropped to $5.25 after hours, down 31.08%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.