KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Coinbase Global Inc. announced a record-breaking 2024, with revenue doubling to $6.6 billion, but despite surpassing Wall Street expectations, its stock fell 1.5% in after-hours trading.
📊 Coinbase’s Impressive Q4 Results
🔹 Q4 revenue: $2.3 billion (vs. $1.8 billion expected), up 88% from Q3.
🔹 Transaction revenue: $1.6 billion, driven by higher crypto prices.
🔹 Subscription and services revenue: $641 million (exceeding guidance of $505M–$580M).
🔹 Full-year 2024 revenue: $6.6 billion (up from $2.93 billion in 2023).
💬 Coinbase: "Crypto’s voice was heard in the U.S. elections, and regulatory headwinds are easing as the Trump administration pushes to make the U.S. the global crypto hub."
🚀 Market Reaction & Outlook
📉 Despite strong earnings, Coinbase shares dipped 1.5% in extended trading, though the stock is up 112% over the past 12 months, compared to the S&P 500’s 23% gain.
📌 Q1 2025 Guidance:
- Subscription and services revenue forecasted between $685M and $765M.
💬 Needham Analysts: "Robinhood’s earnings hinted at a strong Q4 for Coinbase, and Coinbase delivered."
💬 Oppenheimer Analysts: "Coinbase regained market share from competitors like Robinhood in December and January."
🛡️ Regulation Shift Boosts Crypto Optimism
🔹 Coinbase highlighted a positive shift in U.S. crypto regulation, with the Trump administration aiming to make the U.S. the 'crypto capital of the planet.'
🔹 Global leaders are also ramping up investment in crypto, Coinbase noted, signaling growing institutional interest.
📌 However, Wall Street remains cautious, with some investors questioning the sustainability of Coinbase’s rapid growth amid market volatility.
🔍 What’s Next for Coinbase?
✔️ Crypto market volatility will continue to impact transaction revenue.
✔️ Regulatory clarity could drive further institutional adoption.
✔️ Subscription growth from Coinbase One is a key revenue stream to watch.
📌 While Coinbase celebrates a new era, investors are waiting to see if the momentum can last.
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