"Coinbase's Surprising Profit Sends Shares Soaring"
TL;DR Summary
Coinbase's shares surged after the U.S.-based cryptocurrency exchange exceeded Wall Street expectations for fourth-quarter earnings and revenue, reporting earnings of $1.04 per share and revenue of $953.8 million, driven by soaring crypto prices and increased trading volume. The approval of bitcoin ETFs also contributed to the rally, with Coinbase providing custodial services to 8 out of the ten spot bitcoin ETFs. The company posted 2023 adjusted Ebitda of $964 million and expects to generate $410 million to $480 million in subscription and service revenue in the first quarter of 2024.
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