Coinbase Q4 earnings report: Revenue of $954 million, achieving quarterly profit for the first time in two years

ChainCatcher news, cryptocurrency trading platform Coinbase Global Inc announced its financial performance for the fourth quarter of 2023 after the market closed on Thursday, achieving quarterly profitability for the first time in two years. Coinbase reported fourth-quarter revenue of $953.79 million, exceeding the market consensus estimate of $822.36 million. The company announced a quarterly earnings per share of $1.04, easily surpassing analysts' expectations of a loss of $0.01 per share. The fourth quarter profit was $273 million, compared to a loss of $557 million in the same period last year.

Coinbase has now exceeded analysts' expectations for revenue and profit for four consecutive quarters. Trading revenue increased by 83% year-over-year, reaching $529 million, primarily driven by volatility and rising cryptocurrency prices. Subscription and services revenue grew by 12% year-over-year, reaching $375 million. Bitcoin accounted for 31% of the fourth-quarter trading volume and 29% of trading revenue. Ethereum represented 15% of the trading volume and 13% of trading revenue for the quarter.

In a letter to shareholders, the company stated that in 2023, our rigorous actions have paid off. We achieved our financial goals, launched new innovative products, solidified our competitive position, and doubled down on efforts to create momentum for a viable cryptocurrency regulatory framework in the U.S.