Coinbase (COIN) Reports Strong Q4 Beat, Provides Outlook

Coinbase (NASDAQ: COIN) reported its Q4 results, with EPS of $3.32 coming in significantly higher than the Street estimate of $1.80. Revenue was $2.49 billion, above the Street estimate of $1.89 billion.

The company ended the year with 11.4 million Monthly Transacting Users (over 4x vs. 2020, and up 54% vs. Q3) and 89 million Verified Users. 32% of MTUs were using both investing and non-investing products in Q4, up from 22% in the previous year.

The company provided its outlook, expecting retail MTUs and total trading volume to be lower in Q1/22 as compared to Q4/21. The company expects both subscription and services revenues to be lower in Q1/22 as compared to Q4/21 due to crypto asset price declines in Q1/22.

For the full 2022-year, the company expects Annual Average Retail MTUs in the range of 5.0 - 15.0 million, noting that a wider than a normal set of factors results in a wider range of potential outcomes for this year.

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