BlackRock Partner Securitize Tanks 20% After Earnings Disappoint
TLDR
- Securitize shares fell 20% after hours after missing Q2 revenue and earnings estimates
- Revenue came in at $14.4 million, down 5% year-over-year, well below the $20.6 million expected
- Net loss widened to $21.7 million versus $6.1 million in the same period last year
- Tokenized assets under management hit a record $4.3 billion, up 16% year-over-year
- Transaction volume surged 147% to $5.3 billion despite the weak financial results
Securitize, the BlackRock-backed tokenization company, reported a sharp loss in its first earnings update since going public on the New York Stock Exchange last month. Shares dropped around 20% in after-hours trading Wednesday after the results fell well short of Wall Street expectations.
The company reported Q2 revenue of $14.4 million, down 5% from $15.3 million a year earlier. Analysts had expected $20.6 million. The miss was wide.
The net loss widened to $21.7 million for the three months ended June 30. That compares to a loss of $6.1 million in the same quarter last year.
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