Swissquote lowers annual outlook, shares drop 14%
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Swissquote cut its full-year net revenue and profit outlook due to weak cryptocurrency trading results in the first half, leading to a 14% drop in its stock. Net revenue from the crypto segment fell 66.2% year-on-year to 14.6 million Swiss francs in the first half, while crypto trading volume decreased 63.5% to 2.58 billion Swiss francs. The company revised its full-year net revenue forecast down by 30 million francs to 730 million francs, citing a weaker-than-expected crypto market. Additionally, Swissquote reported a 5.3 million-franc loss from marking down crypto inventory for its in-house exchange, SQX. Overall revenue remained flat year-on-year due to growth in other business segments, and client assets increased by about 20% to 96.3 billion francs.
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