==Coinbase Global (COIN) reported earnings on Tue 21Feb 23 (a/h)

 

Coinbase Global misses by $1.05, beats on revs; guides for sequential increase in subscription and services revenue of 10.4% at midpoint

• Reports Q4 (Dec) loss of $2.46 per share, $1.05 worse than the S&P Capital IQ Consensus of ($1.41); revenues fell 74.7% year/year to $629.1 mln vs the $587.37 mln S&P Capital IQ Consensus.
• Trading volume of $145 bln, down from $159 mln in Q3 and $547 bln in year-ago period.
  • Bitcoin trading volume 35% of total volume.
  • Ethereum trading volume 33% of total volume.
• Subscription and services revenue grew 34% qtr/qtr to $283 mln.
• Adj. EBITDA of ($124) mln.
• 1Q23 Outlook: Subscription and Services revenue of $300-$325 mln; Sales and Marketing expense of $60-$70 mln; Transaction Expenses mid-teens as % of net revenue.
  • Does not expect to meaningfully increase headcount compared to Q1 levels. Operating toward goal of improving adjusted EBITDA in absolute dollars vs. FY22.