Coinbase（硬幣）Q1 CY2025亮點：收入不超過預期，但銷售額增長了24.2％，至2.03b美元

區塊鏈基礎設施公司Coinbase（NASDAQ：COIN）在第1季度CY2025的收入預期不足，但銷售額增長了24.2％

Coinbase (NASDAQ:COIN) reported weaker than expected top-line results for the first quarter of 2025. The blockchain infrastructure company reported sales of $2.03 billion, up 24.2% year-over-year. Analysts had expected revenue of $2.08 billion. Its non-GAAP profit of $1.94 per share was 1.9% below the average estimate.

Coinbase（NASDAQ：COIN）報告說，2025年第一季度的一流結果弱。區塊鏈基礎設施公司的銷售額為20.3億美元，同比增長24.2％。分析師預計收入為20.8億美元。其非GAAP每股1.94美元的非GAAP利潤比平均估計值低1.9％。

Is now the time to buy Coinbase? Access our full research report, it’s free.

現在是時候購買Coinbase了嗎？訪問我們的完整研究報告，它是免費的。

Here are the key takeaways from Coinbase’s Q1 report:

這是Coinbase Q1報告的關鍵要點：

* Company Overview: Widely regarded as the face of crypto, Coinbase (NASDAQ:COIN) is a blockchain infrastructure company updating the financial system with its trading, staking, stablecoin and other payment solutions.

*公司概述：Coinbase（NASDAQ：COIN）被廣泛認為是Crypto的面孔，是一家區塊鏈基礎設施公司，通過其交易，Staking，StableCoin和其他支付解決方案更新金融系統。

* Sales Growth: A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Luckily, Coinbase’s sales grew at an incredible 60.3% compounded annual growth rate over the last five years. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers, a great starting point for our analysis. Long-term growth is the most important, but within consumer internet, a half-decade historical view may miss new innovations or demand cycles. Coinbase’s annualized revenue growth of 57.7% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. This quarter, Coinbase generated an excellent 24.2% year-over-year revenue growth rate. However, its $2.03 billion of revenue fell short of the high expectations that Wall Street had set. Looking ahead, sell-side analysts expect revenue to grow 12.3% over the next 12 months, a deceleration versus the last two years. Still, this projection is above average for the sector and implies the market sees some success for its newer products and services.

*銷售增長：公司的長期業績是其整體質量的指標。即使是不好的生意也可以發光一個或兩個季度，但是一個頂級的生意可以增長多年。幸運的是，在過去五年中，Coinbase的銷售額增長了60.3％。它的增長超過了普通的消費者互聯網公司，並顯示其產品與客戶產生共鳴，這是我們分析的絕佳起點。長期增長是最重要的，但是在消費者互聯網中，十年曆史的看法可能會錯過新的創新或需求週期。在過去兩年中，Coinbase的年增長率增長了57.7％，低於其五年趨勢，但我們仍然認為結果表明了健康需求。本季度，Coinbase的同比收入增長率為24.2％。但是，其20.3億美元的收入遠遠超過華爾街設定的高期望。展望未來，賣方分析師預計收入在未來12個月內增長12.3％，減速與過去兩年。儘管如此，該領域的預測仍高於平均水平，這意味著該市場為其較新的產品和服務所取得了一些成功。

* Cash Is King: If you’ve followed StockStory for a while, you know we emphasize free cash flow. Why, you ask? We believe that in the end, cash is king, and you can’t use accounting profits to pay the bills. Coinbase has shown terrific cash profitability, driven by its lucrative business model that enables it to reinvest, return capital to investors, and stay ahead of the competition while maintaining an ample cushion. The company’s free cash flow margin was among the best in the consumer internet sector, averaging 25.9% over the last two years. Taking a step back, we can see that Coinbase’s margin dropped meaningfully over the last five years. It may have ticked higher more recently, but shareholders are likely hoping for its margin to at least revert to its historical level. If the longer-term trend returns, it could signal increasing investment needs and capital intensity. Coinbase burned through $182.7 million of cash in Q1, equivalent to a negative 9% margin. The company’s cash flow turned negative after being positive in the same quarter last year, which isn’t ideal considering its longer-term trend.

*現金是國王：如果您遵循StockStory一段時間，您知道我們強調自由現金流。為什麼，你問？我們認為，最終，現金是國王，您不能使用會計利潤來支付賬單。 Coinbase表現出了出色的現金盈利能力，這是由其有利可圖的業務模式驅動的，該模式使其能夠重新投資，將資本返回投資者並保持競爭的領先地位，同時保持充足的墊子。該公司的自由現金流利潤率是消費互聯網行業中最好的現金流量，在過去兩年中平均為25.9％。退後一步，我們可以看到Coinbase的利潤在過去五年中有意義下降。它可能最近勾勒出更高的時間，但股東很可能希望它的利潤率至少恢復到其歷史水平。如果長期趨勢回報，它可能會表明增加投資需求和資本強度。 Coinbase在第1季度以1.827億美元的現金燃燒，相當於9％的利潤率。該公司的現金流在去年同一季度的正面陽性後變為負面，考慮到其長期趨勢，這並不理想。

Key Takeaways from Coinbase’s Q1 Results

Coinbase Q1結果的關鍵要點

We struggled to find many positives in these results as its revenue, EPS, and EBITDA fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 2.5% to $201.25 immediately after reporting.

由於其收入，EPS和EBITDA尚未估計，因此我們努力在這些結果中找到許多積極的結果。總體而言，這是一個柔和的季度。報告後立即下跌2.5％至201.25美元。

Coinbase (NASDAQ:COIN) underperformed this quarter, but does that create an opportunity to invest right now? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

Coinbase（NASDAQ：COIN）表現不佳，但這是否創造了現在投資的機會？我們認為，最新季度只是長期業務質量難題的一部分。質量與估值結合使用，可以幫助確定股票是否是購買。我們在可行的完整研究報告中介紹了這一點，您可以在這裡閱讀，它是免費的。