Coinbase Global, a leading cryptocurrency exchange, has reported fourth-quarter 2024 financial results that exceeded Wall Street’s expectations. The company’s earnings per share reached $4.68, more than double the consensus expectation of $2.11. Revenue totaled $2.27 billion, a significant increase from last year and the company’s biggest quarterly revenue in three years.
Transaction revenue surged to $1.56 billion, surpassing estimates of $1.29 billion, while total trading volume on the platform increased 185% to $439 billion. Consumer trading volume rose 224%, driven by the popularity of spot BTC exchange-traded funds (ETFs), which first launched nearly a year ago.
The management team attributed the strong quarter to a postelection rally that pushed cryptocurrency prices to record levels. The company’s share price has risen 86% over the last 12 months, and it is currently trading flat in after hours trading. Wall Street analysts have a moderate buy rating for COIN stock, with an average price target of $317.64, implying 6.55% upside from current levels.
Source: https://www.tipranks.com/news/coin-earnings-coinbase-global-obliterates-wall-streets-targets-as-crypto-trading-explodes