From Nasdaq:

Shares of Coinbase Global, Inc. surged 12.4% after reporting fourth-quarter 2023 earnings and revenues that surpassed expectations. The company posted earnings of $1.04 per share versus an expected loss of 9 cents per share. Total revenues of $954 million beat estimates by 30.3%, driven by growth in transaction revenues and subscription and services.

Operating expenses declined by 29.2% year over year to $838.2 million, leading to an adjusted EBITDA of $305 million in the fourth quarter. As of December 31, 2023, cash and cash equivalents were $5.2 billion, up 16.5% from the prior year.

In addition to positive financial results, Coinbase’s Q1 guidance includes estimates of subscription and services revenues between $410 million and $480 million. The company anticipates continued growth and improvement in 2024 adjusted EBITDA.

Other exchange companies, such as MarketAxess Holdings Inc. and Nasdaq, also reported solid financial results, signaling a positive trend in the securities and exchanges market. MarketAxess experienced strong results, while Nasdaq’s top line increased by 23%. CBOE Global Markets, Inc. also reported strong fourth-quarter results, with total adjusted revenues of $499 million. The positive earnings trend appears to be a good sign for the exchange industry as a whole.



Read more: Coinbase (COIN) Stock on the Rise Since Q4 Earnings Beat