Coinbase Global, Inc. stock research
FY2024 Q3
Coinbase Global (COIN) Gross Margin — Quarter Ended Sep 30, 2024
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue also declined. Gross margin improved relative to the prior quarter and was stable compared to the same quarter one year earlier.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue also declined. Gross margin improved relative to the prior quarter and was stable compared to the same quarter one year earlier.
- The gross margin strengthened from the prior quarter, driven by a proportionally larger decline in cost of revenue relative to the decrease in revenue. This improvement occurred even as revenue fell.
- Compared to the prior quarter, revenue and gross profit were lower, but gross margin was higher. Compared to the same quarter one year earlier, revenue and gross profit were higher, while gross margin was essentially stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
87.0%
Gross profit
$1.0B
Revenue
$1.2B
Cost of revenue
$157.1M
Quarter-over-quarter change
+4.7 pts
Year-over-year change
+0.0 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2024 | $1.2B | $1.0B | $157.1M | 87.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
+4.7 pts
Year-over-year change
Sep 30, 2023
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin strengthened from the prior quarter, driven by a proportionally larger decline in cost of revenue relative to the decrease in revenue. This improvement occurred even as revenue fell.
Compared to the prior quarter, revenue and gross profit were lower, but gross margin was higher. Compared to the same quarter one year earlier, revenue and gross profit were higher, while gross margin was essentially stable.
Monitor the trajectory of cost of revenue relative to revenue, as its decline was the primary factor behind the gross margin improvement.