Coinbase reports profits for first time in two years
Cryptocurrency exchange Coinbase’s net revenue in the fourth quarter of 2023 reached $905 million.
According to the company’s report published on Feb. 15, revenue was 45.2% higher than in Q3. The result also exceeded analysts’ expectations, who predicted Coinbase‘s revenue for the reporting period of $825 million.
The cryptocurrency exchange’s net profit for the Q4 of 2023 amounted to $273 million. The company reported a net loss of $2 million during the last reporting period. The last time Coinbase said net profit was in Q4 of 2021.
Net income was $273 million, or $1.04 earnings per share (EPS), compared with a loss of $557 million, or $2.46 EPS, a year earlier, Coinbase said in a note to shareholders. Analysts expected the crypto exchange to report a loss.
Following the report’s publication, shares of the crypto exchange rose by more than 3% over the past 24 hours, rising to $165.67. At the same time, Coinbase shares have demonstrated positive dynamics over the past six months, increasing prices by more than 129%.
2023 was more successful for Coinbase than 2022, when a bearish trend raged in the crypto market. Last fall, a bullish rally began, which brought impressive income to the exchange due to increased trading volume. The main achievement of the company is that it managed to reduce operating costs by almost half.
