Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide

FinanceSwissquote cuts full-year guidance as 1H crypto income plunges, shares slideThe online bank cut full-year revenue and profit forecasts after first-half crypto trading levels slumped.By Francisco Rodrigues|Edited by Sheldon Reback18 min ago1 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowSwissquote cut its full-year revenue and profit forecasts after net crypto income plunged 66.2% 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 BTC$63,669.97, the largest cryptocurrency, fell 33% in the six months ended June 30. Ether ETH$1,889.40, the second-largest, dropped 47% and the CoinDesk 20 Index (CD20) lost 40%.“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. Client assets rose nearly 20% to 96.3 billion francs.The company’s shares plunged 14% after the announcement.Crypto NewsRelated AssetsBitcoin$63,669.970.19%Ethereum$1,889.400.55%Latest Crypto News 1Crypto platform operator gets 15-year prison sentence in South Korea due to $50 million scam22 min ago2Figure revenue doubles as blockchain loan ma…

Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide

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