February 16, 2024 (Globalinvestorideas.com Newswire) Investorideas.com (www.investorideas.com) Bitcoin/Crypto Stock News Bites – Remote-First-Company / Coinbase Global, Inc. (NASDAQ: COIN) announced today the release of its fourth quarter and full year 2023 shareholder letter. The letter, including the Company’s financial results, can be found on its Investor Relations website at investor.coinbase.com.
The stock is currently trading up at $192.21, up $26.54 (+16.03%).
Excerpt from shareholder letter
In 2023, we saw our operational rigor pay off. We achieved our financial goal,launched new innovative products, strengthened our competitive position,and doubled down on our efforts to create momentum for a workableregulatory framework for crypto in the US.For the full-year, we generated net income of $95 million and positiveAdjusted EBITDA in all four quarters, totaling nearly $1 billion – consistentwith our financial goal to generate positive Adjusted EBITDA in all marketconditions. We diversified our full-year 2023 total revenue base of $3.1 billionby generating $1.4 billion in subscription and services revenue. Meanwhile,our balance sheet strengthened as we increased our total $USD resources to$5.7 billion while simultaneously reducing total debt by 12%.Beyond the numbers, we accelerated product velocity. We launched CoinbaseInternational Exchange, eligible customers can now access derivativeproducts through Coinbase Financial Markets, launched Base, and weacquired key licenses, registrations or launched operations in 6 new markets.We have improved our existing product suite and laid important foundationsfor future growth.In 2024 Coinbase will focus on three main priorities. First, driving revenuethrough improving our core trading and USDC. Second, driving utility incrypto with experiments in payments using USDC and Base. Lastly, we willcontinue to drive regulatory clarity for the industry. All told, Coinbase is afundamentally stronger company today than a year ago, and we are in astrong financial position to capitalize on the opportunities ahead.
Read the company’s full news and disclaimer here:
https://investor.coinbase.com/news/news-details/2024/Coinbase-Releases-Fourth-Quarter-and-Full-Year-2023-Shareholder-Letter/default.aspx
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