Coinbase shares surge after posting first quarterly profit in two years
Publishing timestamp: 2024-02-16 11:16:51
Summary
Coinbase reported a net income of $273 million in the fourth quarter, driven by the approval of the first bitcoin spot ETFs and expectations for improving macroeconomic conditions. The company's shares soared 15% after the announcement, marking its first profit in two years. Coinbase also reported a net revenue of $905 million, up nearly 50% from the previous year. The approval of bitcoin ETFs and increased volatility in crypto prices contributed to the company's strong performance.
Sentiment: POSITIVE
Tickers: COIN,
Keywords: business news, earnings, technology, breaking news: technology, coinbase global inc,
Source: https://www.cnbc.com/2024/02/16/coinbase-coin-share-surge-13percent-after-earnings.html