Crypto giant Coinbase shakes up the market with its first profitable quarter in two years. Earnings tallied at a whopping $905M for Q4 2023 — a big leap from last year's $605M. The U.S. company reports smacking analyst forecasts out of the park, with earnings per share at $1.04 — a far cry from the expected $0.02.
Significant gains marked 2023, as Coinbase turned a $557M loss into $273M in profit. Key players were favorable crypto conditions and a boom in U.S. Bitcoin ETFs. Trading volumes and transaction revenues doubled — the latter soared to $529m, driven by high market swing and crypto prices.
Coinbase credits its operational vigor and innovative product rollout for a successful year. The U.S. company is already gearing up for 2024 and pushing for viable crypto regulation in the U.S.
With the good news, Coinbase shares rocketed more than 12% in after-hours dealings. They now sit at $190 per share, up over 150% since last year. Still, they have a way to go to reach the 2021 opener of $381.
