Cryptocurrencies
Coinbase Climbs After Unexpected Return to Profitability
- Stock jumps post-market after results beat analyst estimates
- Biggest US crypto platform post first profit in two years
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Coinbase Global Inc. posted a profit for the first time in two years after a fourth-quarter rebound in digital-asset markets lifted trading revenue, sending the shares of the largest US cryptocurrency exchange higher.
Revenue jumped 51% to $953.8 million, topping the $826 million average estimate of analysts surveyed by Bloomberg. Net income was $273 million, or $1.04 a share, compared with a loss of $557 million, or $2.46, a year earlier, Coinbase said in a shareholder letter Thursday. Analysts had forecast a loss.