By Sabela Ojea
Shares of Coinbase Global on Thursday climbed 12% to $185.40 in post-market trading after the company's fourth-quarter results beat analysts expectations and it guided for further growth in the current quarter.
The U.S. crypto exchange posted a net profit of $273.4 million, or $1.04 a share, compared with a loss of $557 million, or $2.46 a share, for the same period a year earlier. Analysts polled by FactSet had forecast a quarterly net profit of 2 cents a share.
Revenue rose 51% to $953.8 million, coming ahead of Wall Street expectations of $826.1 million, according to FactSet.
Coinbase saw a sequential surge in consumer trading volumes and transaction revenue in the December quarter, and said it expects subscription and services revenue to rise to $410 million to $480 million in the first quarter.
Achieving that outlook depends on the strength of crypto asset prices, but Coinbase has so far benefited from a surge in volumes amid higher crypto prices.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
02-15-24 1740ET