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Coinbase Shares Soar to New Yearly High After Posting First Profitable Quarter in Two Years

Coinbase's Q4 2023 earnings report showed the exchange's first profitable quarter in over two years, with a net income of $273 million. This positive news caused shares of Coinbase to rally at the end of the week. Analysts believe this may change the narrative that Coinbase is an unprofitable company. Coinbase CEO Brian Armstrong cited cost-cutting measures and positive developments such as the launch of Coinbase International Exchange and the firm's role as a prominent custodian of Bitcoin ETFs as contributing factors to the company's success.

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