Gemini bets on ‘super app’ as stock sinks to record low on Q3 results
Shares in Gemini slumped after the company reported losses in its third-quarter results, largely due to the costs associated with going public.
Investors sold off shares of the crypto exchange Gemini on Monday, sending the stock to an all-time low after the bell, as the company’s first quarterly results showed losses due to the expense of going public.
Gemini released its third-quarter results on Monday, its first after going public in September, and reported revenues of $50.6 million, more than doubling from $24.5 million the same time a year ago.
The company, however, posted a net loss of $159.5 million, widening from $90.1 million a year ago, largely due to costs related to compensation and advertising ahead of its initial public offering.