"Gemini, the crypto exchange cofounded by Tyler and Cameron Winklevoss, saw its share price slide significantly on Tuesday. That followed the company reporting third quarter losses of $6.67 per share, which is more than double what analysts expected. Gemini shares dipped more than 17% to a low of $13.88 in the morning following the announcement. The earnings are Gemini's first since it went public in September."
"The losses for the company come as it tries to expand its offerings beyond just being a crypto exchange, where people can buy and sell popular cryptocurrencies like Bitcoin and Ethereum. Gemini seeks to build a "super app" to connect the world of traditional finance and crypto. However, costs related to its IPO and to marketing contributed to Gemini's losses. The company's struggles coincide with a larger downturn for crypto in the past month or so."
Gemini reported third-quarter losses of $6.67 per share, more than double analysts' expectations, and shares dropped over 17% to as low as $13.88. These results were the company's first earnings since its September public listing; the stock remains roughly 70% below its IPO high of $45.89. Losses were driven by higher expenses, including IPO-related costs and marketing, while a recent crypto market downturn reduced asset-level revenue. Gemini is attempting to expand beyond a traditional crypto exchange into a "super app" linking traditional finance and crypto, growing faster than Coinbase last year despite much lower revenue.
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