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