Gemini Shares Drop 7% Even as Net Loss Narrows to $107 Million

Gemini Space Station (GEMI) stock slid 7% to $4.00 in after-hours trading Thursday after the crypto exchange reported a second-quarter net loss of $107.7 million.

The loss came in 19% smaller than a year earlier, and revenue climbed 37% to $45.5 million. Even so, a fraud charge and thinner trading volumes overshadowed the company's progress.

Services Revenue Doubles as Crypto Trading Dries Up

The stock closed the regular session 3.12% higher at $4.30 before the company released earnings after the bell, which reversed the gains.

Follow us on X to get the latest news as it happens

According to the press release, net loss per share came in at $0.89, against $27.08 a year earlier. Services revenue and interest income climbed 117% to $26.0 million. Credit card revenue supplied most of that gain, rising 231% to $16.2 million, while staking added $4 million.

OTC revenue jumped to $4.7 million from $0.6 million on heavier institutional trading. In addition, prediction markets added $0.5 million.

… Continue reading the full article at the original source below.