Coinbase has had an impressive quarter with revenue and profits both surpassing market expectations.
The largest cryptocurrency exchange in the United States, Coinbase, released its latest financial report on 15/02, which included the results of the fourth quarter and the entire year of 2023.
Our Q4’23 and full-year 2023 update is in.
Read the full shareholder letter and tune into our earnings call: https://t.co/fod43YZKqw pic.twitter.com/DJ2NhFyfdU
— Coinbase 🛡️ (@coinbase) February 15, 2024
In Q4/2023, the company’s net profit exceeded $273 million, with EBITDA (earnings before interest, taxes, depreciation, and amortization) adjusted to $305 million, surpassing the $557 million loss from the same period the previous year. For the entire year, the exchange’s net income was around $95 million, with adjusted EBITDA reaching $964 million.
It is worth noting that Coinbase has had a significant quarter of revenue growth, as follows:
- Total revenue: $954 million, up 41% compared to the previous quarter (Q/Q) and more than 50% higher than the same period last year;
- Trading revenue: $529 million, up 83% Q/Q;
- Registration and service revenue: $375 million, up 12% Q/Q.
Throughout the year 2023:
- Total revenue: $3.1 billion, down 3% compared to the same period last year (Y/Y);
- Trading revenue: $1.5 billion, down 36% Y/Y;
- Registration and service revenue: $1.4 billion, up 78% Y/Y.
Total revenue in Q4/2023 reached $954 million