Coinbase (NASDAQ:COIN), the popular cryptocurrency exchange platform, experienced a significant surge in its shares following the announcement of its Q4 earnings results. The company’s earnings per share (EPS) of $1.04 outperformed analysts’ forecast of $1.00, while its revenue for the quarter reached $953.8 million, surpassing the expected $826.69 million.
The surge in Coinbase’s shares can be attributed to the approval of spot-bitcoin exchange-traded funds, which boosted activity on the platform. As a result, JPMorgan raised its rating on Coinbase from Underweight to Neutral and set a new price target of $80.00.
Another company that exceeded expectations in its Q4 revenues was Airbnb (NASDAQ:ABNB). The company reported a Q4 revenue of $2.2 billion, surpassing the expected $2.16 billion. This outperformance was driven by a 12% year-over-year increase in bookings for nights and experiences, leading to a 15% rise in gross booking value to $15.5 billion. However, despite these positive results, DA Davidson downgraded Airbnb from Buy to Neutral and set a price target of $145, reflecting a shift towards a more neutral to normalizing growth profile.
Coca-Cola (NYSE:KO) also announced its Q4 earnings, matching analyst expectations with an EPS of $0.49. The company’s revenue for the quarter was $10.8 billion, exceeding the consensus estimate of $10.67 billion. Coca-Cola anticipates achieving an adjusted organic revenue growth of 6% to 7% for the full year, surpassing the consensus forecast of 5.9%. Furthermore, the company hiked its annual dividend by 5.4% to $0.485 per share.
Cisco Systems (NASDAQ:CSCO) reported better-than-expected Q2 earnings, with an EPS of $0.87, higher than the predicted $0.84. The company’s revenue reached $12.8 billion, above the consensus estimate of $12.71 billion. However, Cisco Systems revised its full-year outlook downwards and announced a workforce reduction of approximately 5% as part of its restructuring plan. Cisco anticipates an EPS between $0.84 and $0.86 for Q3, falling short of the expected $0.92.
Biogen (NASDAQ:BIIB), a biotechnology firm, reported disappointing earnings for its latest quarter, causing its shares to fall more than 7%. The company’s Q4 EPS of $2.95 was worse than the analyst estimate of $3.18, and its revenue for the quarter came in at $2.4 billion, compared to the consensus estimate of $2.47 billion. Biogen expects EPS for fiscal 2024 to be between $15 and $16, while it anticipates a decline in total revenue and flat core pharmaceutical revenue compared to 2023.
In conclusion, Coinbase, Airbnb, Coca-Cola, Cisco Systems, and Biogen have all released their Q4 earnings reports, with some companies exceeding expectations and others falling short. Investors are advised to analyze these results carefully and consider the recommendations and outlook provided before making any investment decisions.
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