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News

Coinbase Fourth-quarter Revenue Exceeds Experts’ Expectations With $953.8 Million

February 16, 2024 - Around 2 mins mins to read

Key Points:

  • Coinbase fourth-quarter revenue reached $953.8 million, exceeding analyst expectations by 41%.
  • The company posted a profit for the first time in two years, with net income reaching $273 million, defying earlier forecasts of a loss.
  • Transaction revenue soared to $529.3 million, with consumer transaction revenue nearly doubling and institutional transaction revenue more than doubling quarter-over-quarter.
Coinbase, the largest US cryptocurrency exchange, exceeded analyst expectations by reporting fourth-quarter revenue of $953.8 million, marking a robust 41% increase from the previous quarter.
Coinbase Fourth-quarter Revenue Exceeds Experts' Expectations With $953.8 Million
Source: Coinbase

Read more: Coinbase Stock Short Sellers Lost More Than $4.2 Billion In 2023

Coinbase Fourth-Quarter Revenue Hits $953.8 Million

This surge in Coinbase fourth-quarter revenue propelled the company to post a profit for the first time in two years, thanks to a rebound in digital-asset markets, which significantly boosted trading revenue and drove up the company’s shares.

Comparing year-over-year performance, Coinbase fourth-quarter revenue for 2023 witnessed an impressive 50% increase. Notably, net income stood at $273 million, or $1.04 per share, in stark contrast to the $557 million loss, or $2.46 per share, recorded a year earlier, as detailed in Coinbase’s shareholder letter on Thursday. This positive result defied analysts’ forecasts of a loss.

Consumer and Institutional Segments Drive Growth

“In 2023, we saw our operational rigor pay off,” stated Coinbase in its earnings release, emphasizing the culmination of strategic efforts that led to achieving financial goals, launching innovative products, and strengthening competitive positioning. Additionally, the company underscored its commitment to advocating for a conducive regulatory framework for cryptocurrencies in the US.

Transaction revenue surged to $529.3 million during the quarter, a notable increase from $288.6 million in the previous quarter. Consumer transaction revenue nearly doubled to $492.5 million, while institutional transaction revenue more than doubled quarter-over-quarter to $36.7 million, showcasing a significant uptick in both segments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Coinbase

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Revenue

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Coinbase Fourth-quarter Revenue Exceeds Experts’ Expectations With $953.8 Million

Key Points:

  • Coinbase fourth-quarter revenue reached $953.8 million, exceeding analyst expectations by 41%.
  • The company posted a profit for the first time in two years, with net income reaching $273 million, defying earlier forecasts of a loss.
  • Transaction revenue soared to $529.3 million, with consumer transaction revenue nearly doubling and institutional transaction revenue more than doubling quarter-over-quarter.
Coinbase, the largest US cryptocurrency exchange, exceeded analyst expectations by reporting fourth-quarter revenue of $953.8 million, marking a robust 41% increase from the previous quarter.
Coinbase Fourth-quarter Revenue Exceeds Experts' Expectations With $953.8 Million
Source: Coinbase

Read more: Coinbase Stock Short Sellers Lost More Than $4.2 Billion In 2023

Coinbase Fourth-Quarter Revenue Hits $953.8 Million

This surge in Coinbase fourth-quarter revenue propelled the company to post a profit for the first time in two years, thanks to a rebound in digital-asset markets, which significantly boosted trading revenue and drove up the company’s shares.

Comparing year-over-year performance, Coinbase fourth-quarter revenue for 2023 witnessed an impressive 50% increase. Notably, net income stood at $273 million, or $1.04 per share, in stark contrast to the $557 million loss, or $2.46 per share, recorded a year earlier, as detailed in Coinbase’s shareholder letter on Thursday. This positive result defied analysts’ forecasts of a loss.

Consumer and Institutional Segments Drive Growth

“In 2023, we saw our operational rigor pay off,” stated Coinbase in its earnings release, emphasizing the culmination of strategic efforts that led to achieving financial goals, launching innovative products, and strengthening competitive positioning. Additionally, the company underscored its commitment to advocating for a conducive regulatory framework for cryptocurrencies in the US.

Transaction revenue surged to $529.3 million during the quarter, a notable increase from $288.6 million in the previous quarter. Consumer transaction revenue nearly doubled to $492.5 million, while institutional transaction revenue more than doubled quarter-over-quarter to $36.7 million, showcasing a significant uptick in both segments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.