Summary by Futu AI
On February 15, 2024, Coinbase Global, Inc. held a conference call to discuss its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a net income of $95 million and an Adjusted EBITDA of nearly $1 billion for the full year, achieving its financial goal of generating positive Adjusted EBITDA in all market conditions. Total revenue for the year was $3.1 billion, with $1.4 billion generated from subscription and services revenue. Coinbase also strengthened its balance sheet, increasing total USD resources to $5.7 billion and reducing total debt by 12%. The company launched several new products, including Coinbase International Exchange and Base, and expanded operations into six new markets. Looking ahead to the first quarter of 2024, Coinbase anticipates transaction revenue of approximately $320 million and subscription and services revenue in the range of $410-480 million. The company remains focused on driving revenue, utility in crypto, and regulatory clarity for the industry.
