Coinbase Global Inc (NASDAQ:COIN) stock popped afterhours on Thursday after the crypto exchange smashed revenue expectations and swung to a profit during 4Q.
Transaction revenue doubled from the previous quarter as crypto markets soared.
That helped Coinbase post a tidy profit of $1.04 per share, handily beating analyst estimates of around $0.02 per share.
Revenue of $953.8 million also exceeded the analyst forecast of $826.1 million.
During the quarter, Coinbase’s trading volume increased by nearly 100% over the previous quarter with volume amounting to $154 billion.
The company anticipates generating approximately $410 million to $480 million in subscription and services revenue during the first quarter of 2024, according to its earnings release.
“In 2023, we saw our operational rigor pay off,” the company wrote in a shareholder letter.
“We achieved our financial goal, launched new innovative products, strengthened our competitive position, and doubled down on our efforts to create momentum for a workable regulatory framework for crypto in the US.”
Shares of Coinbase gained nearly 11% after the bell on Thursday to reach US$165.67.