Coinbase（Coin）将在其《摇摇欲坠的地面》中获得第一季度的收入报告，四位华尔街分析师期望错过

该公司计划在周四的市场上报告第一季度业绩。分析师预计每股收益（EPS）从第四季度的2.26美元降至1.93美元，收入下降到$ 2.00的产出：Coinbase（Coin）（Coin）将在Shaky Ground上的第一季度收益报告中，有四位华尔街分析师预计一名华尔街分析师会有一名小姐小姐

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）将于周四在Shaky Ground上进入其第一季度的收益报告，随着零售交易的停滞可能会给加密货币交易所最有利可图的商业线施加压力。

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.

该公司计划在市场结束后周四举行第一季度业绩。根据FactSet数据，分析师预计每股收益（EPS）从第四季度的2.26美元降至1.93美元，收入从22.7亿美元降至21亿美元。

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，它的每股收益为4.40美元，收入为12亿美元。预计在第四季度，交易量将在4038亿美元大关和4390亿美元的403亿美元上。

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估计估计为1.59美元，原因是Coinbase的交易量下降了10％，本季度的加密货币市值下降了17％。针对加密资产损失进行调整，他们的EPS为2.39美元，部分由受控费用和稳定的订阅收入支持。

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，即使是通常看涨的巴克莱和指南针点，也会发现更深层的麻烦。巴克莱削减了其收入和EBITDA的预测，并说，尽管Stablecoin增长了，但自1月以来，市场一直在急剧冷却。它将零售价为690亿美元，大大低于这条街的平均估计798亿美元。

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将股票降级为出售，预计交易收入为12.4亿美元，比共识低7％。它认为，Coinbase正在为分散的交流（DEX）失去零售份额，并警告第二季度进一步的痛苦。

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.

上周，流行的交易平台Robinhood（NASDAQ：HOOD）报告说，由于市场在今年的前三个月冷却，基于交易的收入下降了13％。

Stablecoins to the rescue?

抢救的稳定币？

The one area of optimism: stablecoins.

乐观的一个领域：稳定的。

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的收入来自USDC，因为该季度的Stablecoin的市值攀升了42％，有助于增强订阅收入。巴克莱估计，与Compass Point的怀疑论者的第一季度相关收入中有3.04亿美元的收入，也承认这有助于抵消由于Ether价格下跌而导致的存放收入。

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将其数量预测从4400亿美元降低至3800亿美元，但指出Coinbase获得了美国现货交易市场份额。这是一个积极的信号，但如果零售商人继续坐在手上，这可能并不重要。

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.

人们对长期竞争压力也越来越关注。分析师指出，分散的交易所，尤其是那些以索拉纳（Solana）和Coinbase自己的基础等更快，更便宜的区块链运作的交流，正在吸引希望交易多种代币的零售用户。尽管Coinbase的美国市场份额已上升，但它作为集中式的，受监管的交流的统治地位可能不足以抵御这一转变。

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.

展望未来，分析师警告说，交易的近期反弹可能会很慢，尤其是零售交易者通常更喜欢等待，直到他们可以恢复较早的损失，然后再重新进入市场。

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％，交易为198.06美元，自年初以来比特币上涨了3.8％。