Coinbase reported a challenging fourth quarter with a $667 million net loss and a 20% revenue decline, missing analyst expectations. Despite an initial drop, shares showed signs of recovery in pre-market trading following the announcement of a major share buyback and strategic expansion.
- The company missed earnings forecasts with an EPS of $0.66 against the expected $1.05, while revenue fell to $1.8 billion.
- Management announced a $2 billion share buyback and a shift toward becoming an "Everything Exchange," supported by a $11.3 billion cash cushion.
- Shares fell 7.90% to $141.09 on the news but rebounded 3.74% to $146.36 in pre-market trading.