From Nasdaq:

Coinbase (NASDAQ: COIN) shares surged by 16.9% after reporting fourth-quarter 2023 financial results. Revenue increased by nearly 50% to $953.8 million, greatly surpassing analysts’ expectations of $826.1 million. Coinbase showcased a profitable quarter as net income was $275.7 million, or $1.04 per share, far above the expected $0.02 per share.

Trading volume nearly doubled, reaching $154 billion, while subscription and services revenue grew by 33% to $375.4 million. Coinbase also profited hugely from stablecoin revenue, earning $171.6 million from its stake in the USDC token. The platform continues to dominate the crypto market, expanding into derivatives and gaining market share.

Coinbase’s impressive financial reports highlight its immense success in the crypto industry. With $5.5 billion in cash and equivalents, a reduction of 12% in debt to $3.0 billion, and significant growth in stablecoin revenue, the company continues to build its fortress balance sheet. The company’s potential for increased stock value remains high as the crypto industry gains momentum and introduces exchange-traded funds (ETFs) in 2024.

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Travis Hoium has positions in Coinbase Global, and The Motley Fool has positions in and recommends Coinbase Global.



Read more: Why Coinbase Stock Jumped 16.9% Today