Industry Analysts Just Made A Notable Upgrade To Their Coinbase Global, Inc. (NASDAQ:COIN) Revenue Forecasts

Celebrations may be in order for Coinbase Global, Inc. (NASDAQ:COIN) shareholders, with the analysts delivering a significant upgrade to their statutory estimates for the company. The analysts have sharply increased their revenue numbers, with a view that Coinbase Global will make substantially more sales than they'd previously expected.

Following the upgrade, the current consensus from Coinbase Global's 25 analysts is for revenues of US$2.9b in 2023 which - if met - would reflect an okay 7.7% increase on its sales over the past 12 months. Prior to the latest estimates, the analysts were forecasting revenues of US$2.4b in 2023. It looks like there's been a clear increase in optimism around Coinbase Global, given the great increase in revenue forecasts.

View our latest analysis for Coinbase Global

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. It's pretty clear that there is an expectation that Coinbase Global's revenue growth will slow down substantially, with revenues to the end of 2023 expected to display 10% growth on an annualised basis. This is compared to a historical growth rate of 40% over the past three years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 9.0% annually. So it's pretty clear that, while Coinbase Global's revenue growth is expected to slow, it's expected to grow roughly in line with the industry.

The Bottom Line

The highlight for us was that analysts increased their revenue forecasts for Coinbase Global this year. They're also forecasting for revenues to grow at about the same rate as companies in the wider market. Seeing the dramatic upgrade to this year's forecasts, it might be time to take another look at Coinbase Global.

Hungry for more information? At least one of Coinbase Global's 25 analysts has provided estimates out to 2025, which can be seen for free on our platform here.

Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.