Coinbase’s net income of $273 million marks the firm’s first profitable quarter since Q4 2021.
Shares in crypto exchange Coinbase spiked 12.7% after-hours following a resilient fourth-quarter earnings report that saw the firm swing to profit and earnings that beat Wall Street expectations.
Coinbase’s net revenue reached $905 million in the fourth quarter, up a whopping 45.2% increase from the third quarter, surpassing consensus expectations of around $825 million.
Meanwhile, the firm swung to profit in the quarter, reaching net income of $273 million, the first positive income quarter since the fourth quarter of 2021. In the previous quarter, Coinbase had posted a net loss of $2 million.
