Coinbase Shares Surge 15% After Blockbuster Q4 Earnings

Coinbase Shares Surge 15% After Blockbuster Q4 Earnings Feb. 16, 2024, 11:02 a.m., readers: 51

Coinbase (NASDAQ:COIN) exceeded Wall Street's expectations for its fourth-quarter earnings, driven by a surge in activity following the approval of spot-Bitcoin exchange-traded funds (ETFs). As a consequence, the company’s shares jumped more than 15% in pre-market on Friday. For the quarter ending December 31, Coinbase announced earnings per diluted share of $1.04, significantly outperforming the anticipated loss of $0.01 per share. The platform witnessed trading volumes rise to $154 billion, up from $145 billion in the comparable period the previous year. Coinbase attributed the uptick in activity to several factors, including the enthusiasm surrounding Bitcoin spot ETF approvals and optimistic forecasts for macroeconomic conditions in 2024. These elements are believed to have encouraged a 'risk on' sentiment across capital markets. The company also reported a 64% year-on-year increase in total transaction revenue, reaching $529.3 million in Q4. Additionally, subscription and services revenue saw a 33% rise, amounting to $375.4 million in the same quarter.

About NASDAQ: COIN

C oinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions;

Price: 218.83
Market cap: 53.0 billion USD
Eps: 0.38
P/e ratio: 575.87
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