Bullish Shares Drop 8% After First-Quarter Results Miss Estimates on Weaker Trading
Summary
- US cryptocurrency exchange Bullish reported first-quarter adjusted revenue and earnings per share (EPS) that came in below market expectations.
- First-quarter net loss widened sharply from a year earlier to $604.9 million, while adjusted EBITDA also missed forecasts.
- Weaker cryptocurrency prices led to a decline in trading volume, sending Bullish shares down 7.9%% to $38.51 in premarket trading.
Forecast Trend Report by Period
Bullish, the US cryptocurrency exchange, reported first-quarter results that missed market expectations as trading slowed amid a broader downturn in digital-asset markets this year.
CoinDesk reported on May 14 that Bullish posted adjusted revenue of $92.8 million in the first quarter, slightly below the $94.9 million average analyst estimate compiled by FactSet.
Earnings per share were 13 cents, also missing expectations. Adjusted EBITDA rose to $35.1 million from $13.2 million a year earlier, but came in below the $38 million forecast.
Net loss for the first quarter widened to $604.9 million from $348.6 million a year earlier.
Lower trading volume was a main driver of the earnings miss. CoinDesk said weaker cryptocurrency prices reduced trading activity across the industry, and that Robinhood and Coinbase also fell short of first-quarter earnings and revenue estimates.
Bullish shares dropped 7.9% to $38.51 in premarket trading.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
