Shares of crypto company (NASDAQ: COIN) jumped as much as 16.9% in trading on Friday after the company reported fourth-quarter 2023 financial results. Shares drifted lower late in trading and are up 13.5% at 2:30 p.m. ET.

Revenue jumped nearly 50% to $953.8 million, easily topping the $826.1 million that analysts were expecting. Net income was $275.7 million, or $1.04 per share, which easily topped the $0.02 in earnings that analysts expected.

Trading volume nearly doubled sequentially to $154 billion, and subscription and services revenue was up 33% to $375.4 million. Once again, stablecoin revenue was a huge boost to the business with $171.6 million in revenue coming from Coinbase's stake in the USDC token.

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Source Fool.com