Coinbase Q4 Revenue, Earnings Beat Expectations
Crypto exchange Coinbase (COIN) reported Q4 net revenue of $605 million, ahead of analyst estimates of $588 million, and up 5% from $590 million in the third quarter. Its adjusted loss of $2.46 per share for the quarter also beat estimates for a loss of $2.52 a share, according to FactSet. But its transaction volume fell 12% quarter-over-quarter to $322 million on lower overall trading volume.
Shares of Coinbase were up about 0.9% to $62.60 in after-hours trading Tuesday. Alongside the rise in bitcoin prices, Coinbase shares have risen significantly in 2023 so far, up 78%, but they are still down 67% over the last 12 months.
Subscription and service revenues, an area of focus by the company, grew 34% quarter-over-quarter to $283 million in Q4. Subscriptions and services accounted for nearly 50% of overall revenue in Q4, mostly thanks to interest income, which came in at $162.2 million.
(With inputs from Shikha Singh)
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