Crypto
Home›Crypto›Market Structure›Swissquote cuts full-year forecasts after net crypto i…
Swissquote cuts full-year forecasts after net crypto income drops 66.2%
Swissquote said crypto price declines hurt trading assumptions, sending its Gland-based crypto trading volume down 63.5% to 2.58 billion Swiss francs in the first half.
Swissquote Group cut its full-year revenue and profit forecasts after net crypto income fell sharply in the first half, according to CoinDesk. The Swiss online banking group reported net crypto income dropped 66.2% to 14.6 million Swiss francs ($18 million).
The company also said crypto trading volumes slid 63.5% to 2.58 billion Swiss francs ($3.2 billion). Swissquote pointed to price declines across most cryptocurrencies as a key reason it missed its initial assumptions.
Swissquote reduced its net revenue outlook for the year by around 30 million francs to 730 million Swiss francs. It also booked a 5.3 million-franc loss on the crypto inventory it holds to support trading on its SQX exchange.
Even with the crypto slowdown, Swissquote said growth elsewhere helped keep overall revenue broadly flat and limited the profit decline. Client assets rose nearly 20% to 96.3 billion francs, and shares in Swissquote Group fell 14% after the guidance update.