Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide — SkimNews
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- Swissquote cut its full-year revenue and profit forecasts after first-half net crypto income plunged 66.2% to 14.6 million Swiss francs ($18 million).
- Crypto trading volumes at the Gland, Switzerland-based fintech dropped 63.5% to 2.58 billion francs ($3.2 billion), while the company also booked a 5.3 million-franc loss on crypto inventory held to support its SQX exchange.
- Swissquote slashed its net revenue outlook for the year by roughly 30 million francs to 730 million francs, blaming "price declines across most cryptocurrencies" for missing its initial assumptions.
- Shares in Swissquote Group (SQN) plunged 14% on the announcement.
- Growth in non-crypto trading and interest income helped keep overall revenue broadly level, with client assets rising nearly 20% to 96.3 billion francs.
Why it matters: Swissquote's 66% crypto income collapse translated directly into a 30 million franc guidance cut and a 14% share-price wipeout, exposing how thinly buffered the bank's crypto-trading arm is against Bitcoin's price weakness. Growing client assets (+20% to 96.3B francs) in non-crypto lines only partially cushioned the blow.
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