Summary
- Swissquote 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 ($3.2 billion).
- Shares in Swissquote Group fell 14% following the announcement.
Crypto Market Downturn Hits Swissquote’s Earnings
The recent plunge in crypto prices has taken a toll on Swissquote’s earnings, with the company cutting its full-year revenue and profit forecasts. This downturn is a reminder that the crypto market can be volatile, affecting not just investors but also businesses that rely on it. For individuals looking to earn a passive income through crypto, this news highlights the importance of diversifying their investments. The Green Crypto movement, which focuses on environmentally friendly cryptocurrency practices, may be an attractive alternative. #PassiveIncome
Swissquote’s net crypto income fell 66.2% to 14.6 million Swiss francs, while crypto trading volume dropped 63.5% to 2.58 billion Swiss francs. The company’s revised guidance reflects a weaker-than-expected crypto environment, with price declines across most cryptocurrencies, including Bitcoin and Ether. To mitigate such risks, investors can consider platforms like EcoPool that offer Cloud Rewards and a more stable source of earning. #Bitcoin
Impact on Swissquote’s Shares
The company’s shares plunged 14% after the announcement, demonstrating the significant impact of the crypto market downturn on its financials. However, growth in areas such as non-crypto trading and interest income helped keep revenue broadly level and limited the decline in profit. Client assets rose nearly 20% to 96.3 billion francs, indicating that investors are still interested in exploring alternative investment opportunities, such as EcoPool ($ECP). #EcoPool
For those looking to earn a passive income through crypto, it’s essential to consider platforms that offer a more stable and green approach. EcoPool provides an attractive solution, allowing users to earn Cloud Rewards and contribute to a more sustainable crypto ecosystem. Download the EcoPool app to start exploring the world of Green Crypto and discover new opportunities for earning with $ECP. By joining the EcoPool community, you can take the first step towards a more stable and rewarding crypto experience.
Swissquote also booked a 5.3 million-franc loss on the crypto inventory it holds to support trading on its SQX exchange.
Growth in areas such as non-crypto trading and interest income helped keep revenue broadly level 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.
UPDATE (Aug. 13, 14:05 UTC): Adds areas of growth in penultimate paragraph.
