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Coinbase Reports $2.3B in Revenue, Eclipsing Analyst Expectations

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On Feb. 13, Coinbase reported revenue for the fourth quarter of 2024 to the tune of $2.3 billion which equated to adjusted earnings per share of $4.68, up from $1.04 in the same quarter of 2023.

Its quarterly revenue was up 88% year-over-year which translated to a net income of $1.3 billion for the period.

The firm also reported a full-year revenue of $6.6 billion, net income of $2.6 billion, and Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $3.3 billion.

Coinbase Eclipses Expectations

The bumper revenue report obliterated analyst expectations, which were earnings of $1.36 on revenue of $1.59 billion.

The firm makes the lion’s share of its profits from higher than industry average transaction fees, with transaction revenue in the quarter surging 172% to $1.6 billion.

This equates to nearly 70% of its total revenue, which was primarily driven by crypto market gains, which increased 45% over the three-month period.

Coinbase subscription and services revenue rose 15% to $641 million, and it saw stablecoin revenue grow 31% year-over-year to $226 million. Meanwhile, Blockchain Rewards revenue grew 39% to $215 million, and custodial fee revenue grew 36% to $43 million.

Coinbase executives, including CEO Brian Armstrong, believe crypto is entering a golden age, transitioning from a niche asset class to mainstream financial infrastructure.

“It’s the dawn of a new era for crypto. Crypto’s voice was heard loud and clear in the US elections, and the era of regulation via enforcement that crippled our industry in the US is on its way out.”

The firm plans to expand its international business in 2025 and is seeking growth in subscription and services revenue, including retail staking. Coinbase is also aiming to make USDC the leading stablecoin, leveraging network effects and compliance advantages.

COIN Stock Reaction

Coinbase shares surged 8.4% on the day to $298 before settling at just below $294 in after-hours trading, according to Google Finance.

COIN is up 20% year-to-date, beating crypto markets, which have actually fallen by 2.5% since January 1. Since the same time last year, Coinbase shares have surged 112%, also beating crypto market gains of 69% over the same period.

 

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