Gemini Space Station Slides 7% as Q2 Loss Misses Estimates
GEMI is trading near its 52-week low of $3.74 (9.2% above the low).
Summary
Gemini Space Station shares fell 6.98% to $4.00 in premarket trading after Q2 results showed a wider-than-expected loss. Revenue grew 37% year-over-year to $45.475 million, beating estimates, but net loss per share of 89 cents missed the consensus of 74 cents. The bottom line was hit by a $16.1 million credit loss provision tied to an identity fraud event in its credit card portfolio. Transaction revenue dropped 15% as crypto trading volume collapsed from $11.3 billion to $3.8 billion. This follows the Q2 report filed yesterday, but today's move reflects the market's reaction to the earnings miss and fraud-related charge. The stock is trading near its 52-week low of $3.74.
At the time of this announcement, GEMI was trading at $4.09 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $487.3M. The 52-week trading range was $3.74 to $45.89. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.