Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide The online bank cut full-year revenue and profit forecasts after first-half crypto trading levels slumped. – Swissquote cut its full-year revenue and profit forecasts after net crypto income plunged…
2% in the first half. – Crypto trading volumes slid 63.5% to 2.58 billion Swiss francs ($3.2 billion). – Shares in Swissquote Group fell 14% following the announcement. Swiss banking firm Swissquote Group (SQN) cut full-year revenue and profit forecasts after first-half net crypto income fell 66.2% to 14.6 million Swiss francs ($18 million)
Crypto trading volume at the Gland, Switzerland-based fintech dropped 63.5% to 2.58 billion Swiss francs, according to its results presentation. The company cut its net revenue outlook for the year by around 30 million francs to 730 million francs. Swissquote said price declines across most cryptocurrencies caused the business to miss its initial assumptions.
Bitcoin “The revised guidance now reflects a weaker-than-expected crypto environment,” Swissquote wrote. Swissquote also booked a 5.3 million-franc loss on the crypto inventory it holds to support trading on its SQX exchange. Growth elsewhere kept overall revenue broadly flat and limited the decline in profit.