Coinbase Posts First Profitable Quarter in 2 Years, Share Price Rallies on Lower Costs and New Product Launches
• Coinbase posts first profitable quarter in 2 years with $273M net income • Analyst says profitability this quarter can change narrative that Coinbase is unprofitable • CEO says 2023 was "great year" with 45% lower costs and stronger financial position • Launch of new products like Base layer 2 and Bitcoin ETF custody seen as catalysts • Share price rallies to yearly high of $193 on positive earnings report before retreating