Coinbase Q4 Revenue Misses Expectations, Transaction Income Drops Below $1 Billion

Q4 Results Fall Short of Estimates

Coinbase reported fourth-quarter revenue of $1.78 billion, below the expected $1.83 billion. Adjusted earnings per share came in at $0.66, lower than the anticipated $0.86.

Transaction Revenue Plummets

Transaction revenue dropped sharply to $983 million, marking the first time since 2023 that it has fallen below the $1 billion threshold. Subscription revenue also declined sequentially to $727 million.

Conservative Outlook for Q1

As of February 10, 2024, transaction revenue for the first quarter is estimated at $420 million, with projected subscription revenue between $550 million and $630 million.

Limited Stock Reaction

Coinbase shares edged higher in after-hours trading but remain down over 40% year-to-date. The company expressed confidence in the long-term potential of crypto, noting that while asset prices fluctuate, innovation and adoption continue steadily beneath the surface.