Gemini Slumps After Missing Earnings Estimates in First Report Since IPO
CoinDesk
Gemini's share price dropped after the crypto exchange reported a larger-than-expected net loss in its first post-IPO earnings report.Summary
Gemini Space Station (GEMI), the crypto exchange founded by the Winklevoss twins, experienced an 8.67% slide in pre-market trading following its first earnings release since its IPO. Despite revenue doubling to $50.6 million, the company posted a significant net loss of $159.5 million, or $6.67 per share, which was much worse than the $3.24 loss-per-share analysts had forecast. This loss was attributed to heavy spending, particularly on marketing and IPO-related costs. CFO Dan Chen assured investors that the balance sheet remains healthy. The exchange, which went public in September, is also focusing on building a multi-product "super app," including plans for regulated prediction markets, pending regulatory approval.
(Source：CoinDesk)