Coinbase Beats Q4 Estimates, but Shares Fall on Outlook

Coinbase Beats Q4 Estimates, but Shares Fall on Outlook
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Coinbase Beats Q4 Estimates, but Shares Fall on Outlook

Coinbase (COIN) shares fell in postmarket trading Thursday as the company reported strong fourth quarter results but said it expects some headwinds in the first quarter.

Coinbase reported fourth quarter revenue of $2.5 billion versus analyst estimates of $2.0 billion. The company posted $2.3 billion in transaction revenue in the fourth quarter vs $1.1 billion in the third quarter.

Q4 trading volume of $547 billion was up from $327 billion in the third quarter. Coinbase also reported 11.4 million in monthly transacting users (MTUs) in Q4 versus 7.4 million MTUs in Q3.

However, the crypto exchange said it has seen a drop in crypto asset volatility and prices versus all-time high levels in the fourth quarter, and expects retail monthly transacting users (MTUs) along with total trading volume to be lower in the first quarter versus Q4.

The exchange also expects subscription and services segment revenues to lower in Q1 versus Q4 2021.

Shares of Coinbase were falling about 6% to $168.39 after hours on Thursday.

This is a developing story and will be updated.

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