Coinbase Shares Surge After Beating Fourth-Quarter Profit Estimates
Summary
Coinbase exceeded analysts' estimates for its Q4 earnings and revenue, due to a surge in cryptocurrency prices. The company reported earnings of $1.04 per share, surpassing the average analyst estimate of $0.02 per share. Its revenue was $953.8 million, higher than the forecasted $826.1 million. The approval of bitcoin ETFs sparked increased interest in digital assets, leading to a 100% increase in trading volume at Coinbase compared to Q3, reaching $154 billion. The company's 2023 adjusted Ebitda was $964 million, and it anticipates generating $410 million to $480 million in subscription and service revenue in Q1 2024. Coinbase's shares rose about 8% in post-market trading.
