Crypto exchange Coinbase’s earnings report for Q4 of 2023 revealed that the company made a profit for the first time in two years.
Coinbase’s 2023 Q4 Earnings Report
Coinbase Global has achieved a significant milestone, recording a quarterly profit for the first time in two years. The company’s success is attributed to the surge in crypto prices and higher interest income earned on its stablecoin. In the fourth quarter of 2023, Coinbase reported a net income of $273 million and total revenue of $3.1 billion, equivalent to $1.04 per share.
After facing losses of $557 million in the previous year, Coinbase’s net profitability for all of 2023 stands at $95 million, marking a substantial turnaround for the cryptocurrency exchange.
Market Response and Performance
Market response to Coinbase’s profitability was positive, with shares closing up 3.3% on Thursday and rising approximately 13% after hours. The surge in crypto prices in the fourth quarter contributed to higher trading volume
We współpracy z: https://cryptodaily.co.uk/2024/02/turning-the-tide-coinbase-reports-first-profit-in-two-years
