I had to double-check that I remembered the symbol when I saw a price in double digits.
During the regular session the stock was down 12.60% at $72.99 and after the earnings news is off another $8.64 (-11.84%) at $64.35 - after touching $58.12.
On the flotation of the stock (direct listing, reference price $250) it traded as high as $429.54 before closing at $328.28. There were a string of closes around $338 -368 early last November but basically this stock has been a disaster for the longs:
Here's Decrypt with the earnings release:
And some of our posts from "The Happy Time"
- There Is An Odd Whiff Of WeWork About The Coinbase Offering Documents
- Once Again The FT's Izabella Kaminska Will Not Be Invited To The Andreessen Horowitz Christmas Party: Coinbase Edition
- "Coinbase gets reference price of $250 per share from Nasdaq ahead of Wednesday’s direct listing"
- "Coinbase stock opens at $381 per share amid record-setting Bitcoin rally" (COIN)
- Coinbase: Research Shop New Constructs Says $100 Billion Valuation Should Be 80% Lower
- Bitcoin: "They Rang the Bell Loudly"
- "Coinbase: ‘This business will be commoditized,’ New Constructs CEO argues" (COIN)
- Coinbase: Here Come the Securities Law Class Action Attorneys (COIN)
That gets you to July 2021 re: the April 14, 2021 flotation.
Finally, from the company (24 page PDF):
“You can expect volatility in our financials, given the price cycles of the cryptocurrency industry. This doesn’t faze us, because we’ve always taken a long-term perspective on crypto adoption. We may earn a profit when revenues are high, and we may lose money when revenues are low, but our goal is to roughly operate the company at break even, smoothed out over time, for the time being. We are looking for long-term investors who believe in our mission and will hold through price cycles.”
