Cryptocurrency trading platform company Coinbase Global (NASDAQ:COIN) reported fourth-quarter financial results Thursday after market close.
Here are the key highlights.
Coinbase Q4 Earnings
Coinbase reported fourth-quarter total revenue of $1.78 billion, down 5% quarter-over-quarter. The revenue total missed a Street consensus estimate of $1.85 billion, according to data from Benzinga Pro.
The company reported 66 cents in adjusted earnings per share for the quarter, beating a Street consensus estimate of 64 cents per share.
The company’s transaction revenue in the quarter was $982.7 million, down from $1.56 billion in last year’s fourth quarter and down from $1.05 billion in the third quarter.
Subscription and services revenue was $727.4 million in the fourth quarter, up from $641.1 million in last year’s fourth quarter and down from $746.7 million in the third quarter.
For the full fiscal year, Coinbase saw total revenue of $7.2 billion, up 9% year-over-year. The growth came despite a weak fourth quarter with major cryptocurrencies like Bitcoin