Key facts
- Swissquote Group has cut its full-year revenue and profit forecasts.
- Net crypto income fell 66.2% in the first half of the year.
- First-half net crypto income was 14.6 million Swiss francs.
- Crypto trading volumes decreased by 63.5%.
- Crypto trading volumes reached 2.58 billion Swiss francs in the first half.
- Swissquote's shares dropped by 14%.
Swissquote Group has revised its financial projections downwards for the entire year, attributing the change to a substantial decrease in revenue and profits stemming from its cryptocurrency operations. The company disclosed that its net income from cryptocurrency activities fell by 66.2% in the first half of the year, amounting to 14.6 million Swiss francs. This significant drop in crypto income is further underscored by a 63.5% reduction in crypto trading volumes, which decreased to 2.58 billion Swiss francs during the same period. The financial repercussions of these declines have impacted the company's market valuation, with Swissquote's shares experiencing a 14% slide. This performance indicates a challenging environment for the digital asset sector impacting key financial service providers.