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Coinbase delivers Q4 beat as cost cuts ease blow from weaker crypto trading volume

By Yasin Ebrahim

Investing.com -- Coinbase (NASDAQ:COIN) reported Tuesday fourth-quarter results that were better than feared as cost cuts helped ease the blow from a drop in cryptocurrency trading.

Coinbase Global Inc shares were up 3% in after-hours trading following the report.

Coinbase reported a loss of $2.46 a share on revenue of $629.1 million, topping Wall Street expectations for a loss of $2.51 a share on revenue of $588.2 billion.

The beat on the top line comes even as the cryptocurrency exchange cut costs amid falling trading volumes.

Operating expenses fell to $1.18B in Q4 from $1.58B in the prior-year period.

Total transaction revenue declined 12% quarter-on-quarter to $322M in Q4, driven by lower Q4 total trading volume.

Q4 total trading volume was $145B, down 9% sequentially in Q4, with total consumer trading volume down 23% in Q4 and institutional trading volume down 6% quarter-on-quarter in Q4.

There was a pick-up in subscription and services revenue, which climbed 34% to $282.8M in Q4.

The quarterly results arrive following a tumultuous year for cryptocurrencies, in which sentiment was rocked by the collapse of $LUNA in the second quarter of 2022, and the bankruptcy of FTX in Q4’22, Coinbase said.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.