Coinbase Global, Inc. stock research
FY2024 Q2
Coinbase Global (COIN) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue increased. Gross margin weakened from the prior quarter and also declined relative to the same quarter one year earlier.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue increased. Gross margin weakened from the prior quarter and also declined relative to the same quarter one year earlier.
- The gross margin decline was driven by a larger proportional increase in cost of revenue relative to the decrease in revenue. The cost of revenue rose while revenue fell, compressing the margin.
- Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was higher, and gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
82.3%
Gross profit
$1.2B
Revenue
$1.4B
Cost of revenue
$256.9M
Quarter-over-quarter change
-9.6 pts
Year-over-year change
-3.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2023 | $674.1M | $586.1M | $88.1M | 86.9% |
| Dec 31, 2023 | $953.8M | $867.5M | $86.3M | 90.9% |
| Mar 31, 2024 | $1.6B | $1.5B | $133.4M | 91.9% |
| Jun 30, 2024 | $1.4B | $1.2B | $256.9M | 82.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-9.6 pts
Year-over-year change
Jun 30, 2023
-3.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin decline was driven by a larger proportional increase in cost of revenue relative to the decrease in revenue. The cost of revenue rose while revenue fell, compressing the margin.
Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was higher, and gross margin was lower.
Monitor the trend in cost of revenue, as it increased sequentially while revenue declined, directly pressuring gross margin.