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Coinbase announced that the company’s fourth-quarter revenue increased by 41% compared to the previous quarter, reaching $953.8 million, surpassing analyst expectations.
The revenue for the fourth quarter of 2023 also increased approximately 50% compared to the same period the previous year. According to estimates by FactSet reported by Yahoo Finance, analysts predicted a three-month revenue of $826.1 million.
Coinbase said in its earnings statement, “We reaped the rewards of our operational diligence in 2023”
Furthermore, they said, “We reached our financial goal, launched new innovative products, strengthened our competitive position, and doubled our efforts to create a viable regulatory framework for crypto in the US.”.
Along with this, Coinbase reported a net income of $273 million for the quarter, compared to a $557 million loss in the same period last year.
According to Yahoo Finance, the company’s shares surged upwards of 6% in after-hours trading, reaching $177.44 as of 16:30 ET. The exchange shares shot up over 150% last year.
Coinbase Exchange Revenue
Coinbase, one of the world’s largest exchanges, also generated $529.3 million in transaction revenue during the quarter. This figure was $288.6 million in the third quarter.
The company also stated in its announcement that the “transaction revenue for the fourth quarter increased by 83% to $529 million, primarily due to high volatility and cryptocurrency asset prices.”
“We saw a sharp increase in crypto asset volatility… The increases were the result of excitement around Bitcoin spot ETF approvals and broad expectations for improvements in macroeconomic conditions in 2024.” They said.
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