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Coinbase Turned Losses Into Profits in Q4, Earnings Report Exceeds Expectations

Mary Liu

Summary: Cryptocurrency trading platform Coinbase Global Inc. reported its fourth-quarter 2023 financial results after the U.S. market closed on Thursday, posting its first quarterly profit in two years. Coinbase reported fourth-quarter revenue of $953.79 million, beating estimates of $822.36 million. Quarterly earnings of $1.04 per share beat analysts' expectations for a loss of 1 cent per ...

Cryptocurrency trading platform Coinbase Global Inc. reported its fourth-quarter 2023 financial results after the U.S. market closed on Thursday, posting its first quarterly profit in two years.

Coinbase reported fourth-quarter revenue of $953.79 million, beating estimates of $822.36 million. Quarterly earnings of $1.04 per share beat analysts' expectations for a loss of 1 cent per share.

Fourth-quarter profit was $273 million, compared with a loss of $557 million in the same period last year. Coinbase has now beaten analysts' revenue and profit expectations for four consecutive quarters.

Trading revenue increased 83% year over year to $529 million, driven primarily by volatility and rising crypto asset prices, Bitcoin accounted for 31% of Q4 trading volume and 29% of trading revenue. Ethereum accounted for 15% of trading volume and 13% of trading revenue during the quarter.