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Coinbase Global Inc (Nasdaq: COIN) is trading up in extended hours after reporting that it swung to a profit in its fiscal fourth quarter.
Coinbase stock jumps on upbeat guidance
Investors are cheering also because the management offered upbeat future guidance in the earnings report. Coinbase now forecasts subscription and services revenue to fall between $410 million and $480 million in Q1.
Its subscription and services revenue in the recently concluded quarter, in comparison, stood at $375 million. Brian Armstrong – the chief executive of Coinbase Global said in a letter to shareholders today:
In 2024, Coinbase will focus on driving revenue through improving our core trading and USDC, driving utility in crypto with experiments in payments using USDC and Base, and continue to drive regulatory clarity for the industry.
The crypto exchange saw trading volume pop 164% (QoQ) to $29 billion in its fourth financial quarter. Wall Street currently has a consensus “hold” rating on COIN.
Notable figures in Coinbase Q4 earnings release
- Earned $273 million that translates to $1.14 per share
- Had $557 million in loss last year ($2.46 per share)
- Adjusted EBITDA printed at $305 million – up 69%
- Net Revenue jumped 50% year-over-year to $905 million
- Consensus was 2 cents a share on $826 million in revenue
Coinbase ended the quarter with $5.7 billion in $USD resources – up roughly 4.0% versus Q3. CEO Armstrong also said on Thursday:
Coinbase is a fundamentally stronger company today than a year ago, and we are in a strong financial position to capitalize on the opportunities ahead.
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— BlockVoyager (@BlockVoyagerAIO) February 14, 2024
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