Coinbase earnings beat thanks to USDC interest income, analysts say
Coinbase's fourth-quarter revenue beat estimates thanks to USDC interest income, analysts said. COIN added about 1% to trade at $62.64 by 8:10 a.m. EST, according to Nasdaq data. Interest income for the quarter came in at $146 million, up more than 100% from the previous quarter.
The exchange said itself and the industry were "largely resilient" despite "major shocks to the system" during the quarter and a 64% drawdown in the price of digital assets during 2022. COIN added about 1% to trade at $62.64 by 8:10 a.m. EST, according to Nasdaq data. While interest income was encouraging, "retail trading volumes continued to deteriorate in the quarter and came in worse than expected, down 23% from the third quarter of 2023," they said.
Source
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