Benzinga - Coinbase Global Inc (NASDAQ: COIN) shares are trading higher Wednesday after the cryptocurrency exchange company reported mixed fourth-quarter results. Multiple analysts are also out with positive coverage following the company's quarterly results.
What Happened: Coinbase reported fourth-quarter revenue of $629.11 million, which beat the consensus estimate of $586.23 million, according to Benzinga Pro. The crypto company said transaction revenue fell 12% sequentially to $322 million, while subscription and services revenue climbed 34% to $283 million.
Coinbase reported a fourth-quarter net loss of $2.46 per share, which missed analyst estimates for a loss of $2.39 per share.
Bitcoin (CRYPTO: BTC) made up 35% of trading volumes, while Ethereum (CRYPTO: ETH) represented 31% of trading volumes.
"When Coinbase went public, our goal was to operate at roughly break even across each crypto cycle. We have evolved our approach and are now setting our sights on positioning the company to generate Adjusted EBITDA in all market conditions," the company said in a letter to shareholders.
Coinbase expects first-quarter subscription and services revenue to be in a range of $300 million to $325 million. The company noted that it saw transaction revenues of $120 million last month. Coinbase also set a goal of improving 2023 adjusted EBITDA in absolute dollar terms compared to 2022.
Related Link: Coinbase Q4 Earnings Highlights: Revenue Beat, January Update And Why Company Says It Wins With Crypto Regulation
Analyst Assessment:
- Needham analyst John Todaro reiterated Coinbase with a Buy and maintained $73 price target.
- Canaccord Genuity analyst Joseph Vafi maintained Coinbase with a Buy and lowered the price target from $120 to $100.
- Piper Sandler analyst Richard Repetto maintained Coinbase with an Overweight and raised the price target from $65 to $70.
- Barclays analyst Benjamin Budish maintained Coinbase with an Equal-Weight and raised the price target from $57 to $63.
COIN Price Action: Coinbase has a 52-week high of $206.79 and a 52-week low of $31.55.
The stock was up 0.21% at $62.20 at time of publication, according to Benzinga Pro.
Photo: courtesy of Coinbase.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.