Bullish Stock Surges on Stronger-Than-Expected Q2 Revenue
Bullish, a crypto exchange backed by Peter Thiel, saw its stock surge on Thursday after reporting stronger-than-expected second-quarter revenue. The company posted adjusted revenue of $92.6 million, up 62% from a year earlier and ahead of analysts' expectations of $87.4 million.
The record subscription and services income helped offset weaker cryptocurrency trading activity, even as swings in the value of its digital asset holdings weighed on profitability. Bullish reported a net loss of $280 million, or $1.78 per share, which was more than double the $108.3 million loss recorded in the same quarter last year.
The company attributed the strong performance in subscription revenue to its expanding ecosystem. Dave Bonanno, Chief Financial Officer, said 'That is our cross-sell engine at work, clients arrive through CoinDesk and Consensus and expand across data, indices, liquidity, and the exchange.'