Shares of Coinbase (NASDAQ:COIN) gained in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at -$2.46, which beat analysts’ consensus estimate of -$2.52 per share.
Sales decreased by 74.8% year-over-year, with revenue hitting $629.1 million. This beat analysts’ expectations of $587.37 million.
Coinbase has been actively working to diversify its revenue streams. Transaction revenues were down 12% in a quarter-over-quarter comparison, but net revenues were up 5% thanks to Subscription and Services revenue. Subscription and Services revenue brought in an extra 34% in a quarter-over-quarter comparison, reaching $283 million.
Overall, Wall Street has a consensus price target of $52.00 on COIN, implying 16.22% downside risk, as indicated by the graphic above.
