Coinbase delivered fourth-quarter results that missed Wall Street expectations, as softer market conditions curbed trading activity.
The exchange reported $1.78 billion in revenue, below analyst projections of $1.83 billion. Adjusted earnings per share came in at $0.66, missing the $0.86 consensus estimate.
Transaction revenue totaled $983 million, under forecasts of $1.02 billion and down from $1.046 billion in the prior quarter and $1.556 billion a year earlier. The decline reflects weaker crypto prices and reduced trading volumes during the period.
Subscription and services revenue reached $727.4 million, easing from $746.7 million in the third quarter but rising from $641.1 million in the year-ago period.
For the first quarter, Coinbase said it generated roughly $420 million in transaction revenue through Feb. 10 and projected subscription and services revenue between $550 million and $630 million for the full quarter.
Despite the shortfall, the company reiterated confidence in the broader industry. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” Coinbase said, highlighting continued technological development and adoption beneath ongoing price volatility.
The stock edged higher in after-hours trading, though shares had declined 7.9% during the regular session, pushing year-to-date losses to around 40%.
