Coinbase Q4 financial report: Revenue of $954 million, first quarterly profit in two years

Cryptocurrency trading platform Coinbase Global Inc reported fourth-quarter 2023 financial results after the close on Thursday, posting its first quarterly profit in two years. Coinbase reported fourth-quarter revenue of $953.79 million, beating the consensus estimate of $822.36 million. The company reported quarterly earnings of $1.04 per share, easily beating analysts' expectations for a loss of 1 cent per share. Fourth-quarter profit was $273 million, compared with a loss of $557 million in the same period last year. Coinbase has now beaten analysts' revenue and profit expectations for four consecutive quarters. Trading revenue increased 83% year over year to $529 million, driven primarily by volatility and rising crypto asset prices. Subscription and services revenue increased 12% year over year to $375 million. Bitcoin accounted for 31% of Q4 trading volume and 29% of trading revenue. Ethereum accounted for 15% of trading volume and 13% of trading revenue during the quarter. "In 2023, our disciplined actions paid off," the company said in a letter to shareholders. "We met our financial targets, launched new innovative products, strengthened our competitive position and doubled down on our efforts to serve as a viable U.S. Cryptocurrency regulatory framework creates momentum."