Summary
Coinbase’s stock price reached its highest level in nearly two years after the company reported better-than-expected fourth quarter results. The company’s shares peaked at $193.64, a level not seen since March 2022. Coinbase reported a net income of $273 million for the fourth quarter, ending a streak of seven consecutive quarters with net losses. The company closed out the year with four quarters of positive adjusted EBITDA amounting to $964 million. Analysts believe this return to profitability will help change Coinbase’s unprofitable image. The company’s stock rose nearly 400% in 2023, outperforming bitcoin’s price gains.
Key Points
1. Coinbase reported fourth quarter results that beat analyst estimates, leading to the company’s shares reaching their highest price in nearly two years.
2. The stock price of Coinbase peaked at $193.64, a level not seen since March 2022, and was trading at about $190, up nearly 15% on the day.
3. Coinbase reported a net income of $273 million in the fourth quarter, ending a streak of seven consecutive quarters with a net loss.