Crypto exchange benefited from a revival in trading volumes and brought in $1.04 in earnings per share on $954 million in revenue.
Coinbase stock COIN soared 14% after the closing bell Thursday following an impressive fourth-quarter financial report. The crypto exchange reported its first profit since 2021, earning $1.04 a share on $954 million in revenue. Both numbers smashed consensus calls for 2 cents in earnings a share and $826 million in sales.
A broad-based rebound in crypto markets underpinned Coinbase’s return to profitability after it lost a whopping $2.46 per share in the same time span a year ago. Coinbase users traded more than $154 billion in volume between the third and fourth quarter of 2023, eclipsing expectations for $142 billion.
Shares of the crypto trading venue have enjoyed increased investor appetite lately. After the stock sank 17% on the first spot Bitcoin ETFs hitting Wall Street, it’s gotten its mojo back, flaunting a 40% gain for the past two weeks. Still, with a modest 5% advance on the year, it’s no match for Bitcoin’s whopping 20% pump so far in 2024.