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Coinbase released its Q4 2023 earnings report yesterday, crushing analyst expectations and sending COIN ripping upwards by over 12% in after-hours trading. What did the earnings call reveal?
Just prior to the earnings release yesterday, investment bank JPMorgan upgraded COIN from underweight to neutral with a price target of $80. The bullish ratings adjustments have continued to trickle in today, with a host of financial services companies raising their price targets after Coinbase’s $1.04 in earnings per share outperformed Wall Street’s estimates by 290%!
1/ Coinbase $COIN Q4 2023 Results:
Beats Earnings by ~290% & Beats Revenue expectations by ~16%
Total Revenue: $953 MM, up 50% YoY, up 41% QoQ
Net Income: $273 MM, up from a loss of - $557 MM YoY, up from a loss of - $2 MM QoQ
Shares up ~12% in premarket trading pic.twitter.com/iPpFx8vaS9
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