Bullish Stock Soars 11% as the Cryptocurrency-Exchange Swings to Profit in First Report as Public Company

Dow Jones09-18

Bullish stock rose over 11% in premarket trading as it swung to a profit in its first quarterly report after becoming a public company.

The cryptocurrency exchange, fresh off of its blockbuster initial public offering last month, posted a profit of $108.3 million, or 93 cents a share, for the quarter ended June 30. That is compared with a loss of $116.4 million, or $1.03 a share, in the same quarter a year earlier.

Stripping out one-time items, the company recorded an adjusted loss of $6 million, compared with an adjusted profit of $4.8 million in the year-earlier quarter.

Adjusted quarterly revenue was $57 million, down from $60.7 million a year ago.

Bullish said total digital asset sales were $58.6 million, up from $49.6 billion in the year-earlier quarter. Trading volume totaled $179.6 billion, up from $133 billion.

The work Bullish did in the second quarter is already translating to strong momentum in the current quarter, Chief Executive Tom Farley said. The company has its sights set on $12 million to $17 million in third-quarter adjusted earnings, and $69 million to $76 million in adjusted revenue.

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Comments

  • Happy returns
    09-18
    Happy returns
    With trading volume of near USD 180 billions,  bullish could add stock and btc or eth futures to the portfolio. Watch out Robin hood and Coinbase, bullish is coming for your business.
  • Amy Fu
    09-18
    Amy Fu
    Share your opinion about this news…
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