Coinbase（Coin）將在其《搖搖欲墜的地面》中獲得第一季度的收入報告，四位華爾街分析師期望錯過

該公司計劃在周四的市場上報告第一季度業績。分析師預計每股收益（EPS）從第四季度的2.26美元降至1.93美元，收入下降到$ 2.00的產出：Coinbase（Coin）（Coin）將在Shaky Ground上的第一季度收益報告中，有四位華爾街分析師預計一名華爾街分析師會有一名小姐小姐

Coinbase (NASDAQ:COIN) is heading into its first-quarter earnings report on Thursday on shaky ground, with four Wall Street analysts already projecting a miss as the retail trading lull is likely to pressure the crypto exchange’s most profitable business lines.

Coinbase（NASDAQ：COIN）將於週四在Shaky Ground上進入其第一季度的收益報告，隨著零售交易的停滯可能會給加密貨幣交易所最有利可圖的商業線施加壓力。

The company is scheduled to report first-quarter results on Thursday after the market close. The analysts are projecting earnings per share (EPS) falling to $1.93 from $2.26 in the fourth quarter and revenue dropping to $2.1 billion from $2.27 billion, according to FactSet data.

該公司計劃在市場結束後周四舉行第一季度業績。根據FactSet數據，分析師預計每股收益（EPS）從第四季度的2.26美元降至1.93美元，收入從22.7億美元降至21億美元。

In the year-earlier first quarter, it reported EPS of $4.40 and revenue of $1.2 billion. Trading volume is expected to land around the $403.8 billion mark vs. $439 billion in the fourth quarter.

在第一季度，它的每股收益為4.40美元，收入為12億美元。預計在第四季度，交易量將在4038億美元大關和4390億美元的403億美元上。

J.P. Morgan cut its EPS estimate to $1.59, citing a 10% drop in Coinbase's trading volume and a 17% slide in total crypto market cap during the quarter. Adjusted for crypto asset losses, they see EPS at $2.39, supported in part by controlled expenses and stable subscription revenue.

JP Morgan的EPS估計估計為1.59美元，原因是Coinbase的交易量下降了10％，本季度的加密貨幣市值下降了17％。針對加密資產損失進行調整，他們的EPS為2.39美元，部分由受控費用和穩定的訂閱收入支持。

But even the usually bullish Barclays and Compass Point see deeper trouble. Barclays slashed its revenue and EBITDA forecasts, saying the market has cooled sharply since January despite stablecoin growth. It pegs retail volumes at $69 billion, significantly lower than the Street's mean estimate of $79.8 billion.

但是，即使是通常看漲的巴克萊和指南針點，也會發現更深層的麻煩。巴克萊削減了其收入和EBITDA的預測，並說，儘管Stablecoin增長了，但自1月以來，市場一直在急劇冷卻。它將零售價為690億美元，大大低於這條街的平均估計798億美元。

More bearishly, Compass Point downgraded the stock to sell, projecting transaction revenue of $1.24 billion, or 7% lower than the consensus. It argues that Coinbase is losing retail share to decentralized exchanges (DEXs) and warns of further pain in the second quarter.

更值得一提的是，Compass Point將股票降級為出售，預計交易收入為12.4億美元，比共識低7％。它認為，Coinbase正在為分散的交流（DEX）失去零售份額，並警告第二季度進一步的痛苦。

Popular trading platform Robinhood (NASDAQ:HOOD), last week, reported a 13% drop in transaction-based revenue from the fourth quarter as markets cooled in the first three months of the year.

上週，流行的交易平台Robinhood（NASDAQ：HOOD）報告說，由於市場在今年的前三個月冷卻，基於交易的收入下降了13％。

Stablecoins to the rescue?

搶救的穩定幣？

The one area of optimism: stablecoins.

樂觀的一個領域：穩定的。

Coinbase's revenue from USDC surged as the stablecoin's market cap climbed 42% during the quarter, helping bolster subscription revenue. Barclays estimates $304 million in first-quarter USDC-related revenue, and even the skeptics at Compass Point acknowledge this helped offset falling staking income due to the slide in ether's price.

Coinbase的收入來自USDC，因為該季度的Stablecoin的市值攀升了42％，有助於增強訂閱收入。巴克萊估計，與Compass Point的懷疑論者的第一季度相關收入中有3.04億美元的收入，也承認這有助於抵消由於Ether價格下跌而導致的存放收入。

Oppenheimer cut its volume forecast to $380 billion from $440 billion, but noted that Coinbase gained U.S. spot trading market share. That's a positive sign, but one that may not matter if retail traders keep sitting on their hands.

Oppenheimer將其數量預測從4400億美元降低至3800億美元，但指出Coinbase獲得了美國現貨交易市場份額。這是一個積極的信號，但如果零售商人繼續坐在手上，這可能並不重要。

There's also growing concern about longer-term competitive pressures. Analysts noted that decentralized exchanges — especially those operating on faster and cheaper blockchains like Solana and Coinbase's own Base — are drawing in retail users looking to trade a wider variety of tokens. While Coinbase's U.S. market share is up, its dominance as a centralized, regulated exchange may not be enough to fend off this shift.

人們對長期競爭壓力也越來越關注。分析師指出，分散的交易所，尤其是那些以索拉納（Solana）和Coinbase自己的基礎等更快，更便宜的區塊鏈運作的交流，正在吸引希望交易多種代幣的零售用戶。儘管Coinbase的美國市場份額已上升，但它作為集中式的，受監管的交流的統治地位可能不足以抵禦這一轉變。

Looking ahead, analysts caution that a near-term rebound in trading may be slow to materialize, especially with retail traders often preferring to wait until they can recoup earlier losses before re-entering the market.

展望未來，分析師警告說，交易的近期反彈可能會很慢，尤其是零售交易者通常更喜歡等待，直到他們可以恢復較早的損失，然後再重新進入市場。

Shares of Coinbase are down 23% year-to-date, and trade at $198.06, while bitcoin is up 3.8% since the beginning of the year.

Coinbase的股票年初至今已下跌23％，交易為198.06美元，自年初以來比特幣上漲了3.8％。