Coinbase Global Inc. stock fell nearly 6% in extended trading Thursday after the Silicon Valley crypto platform crushed Wall Street expectations for its fourth quarter but cast doubt on current-quarter dealings.
Coinbase
COIN,
said it earned $840 million, or $3.32 a share, in the fourth quarter, compared with $177 million, or 66 cents a share, in the year-ago quarter.
Revenue jumped to $2.5 billion from $585 million a year ago. FactSet consensus called for earnings of $1.94 a share on sales of $1.97 billion.
In its letter to shareholders, Coinbase said that volume from retail monthly transacting users will be lower in the current quarter than in the fourth quarter.
Quarter-to-date, crypto asset volatility and crypto asset prices have declined from all-time highs in the fourth quarter, the company said.
The…
