Summary by Moomoo AI
Coinbase Global, Inc. (Coinbase) reported a mixed financial performance for the year ended December 31, 2023. The company's net revenue decreased to $2.9 billion, down from $3.1 billion in the previous year. Transaction revenue fell to $1.5 billion, a significant drop from $2.4 billion in 2022, while subscription and services revenue increased to $1.4 billion from $0.8 billion. Net income for the year was $0.1 billion, a notable improvement from a net loss of $2.6 billion in 2022, and Adjusted EBITDA reached $1.0 billion, recovering from a negative $0.4 billion. Despite the revenue decline, the company's financial condition improved, with a stronger balance sheet and a shift from a substantial net loss to a net profit. Coinbase's business development saw the acquisition of key licenses and expansion into six new markets. The company's future plans include driving revenue through core trading improvements, experimenting with crypto payments, and pursuing regulatory clarity for the industry. Coinbase emphasized its stronger position compared to the previous year and its readiness to capitalize on future opportunities.
