Swissquote cuts full-year guidance as 1H crypto income plunges, shares slide
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- Swissquote cut 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-based fintech slid 63.5% to 2.58 billion Swiss francs ($3.2 billion), driven by price declines across most cryptocurrencies.
- Swissquote's revised guidance lowers the net revenue outlook by approximately 30 million francs to 730 million francs, reflecting what the company called a "weaker-than-expected crypto environment."
- Swissquote booked a 5.3 million-franc loss on the crypto inventory it holds to support trading on its SQX exchange.
- Shares in Swissquote Group (SQN) plunged 14% after the announcement.
- Non-crypto trading and interest income kept revenue broadly level and cushioned the profit decline, while client assets rose nearly 20% to 96.3 billion francs.
Why it matters: Swissquote's results show how exposed even diversified fintechs are to a crypto downturn: a 66.2% collapse in net crypto income and a 5.3 million-franc inventory loss prompted a 30 million-franc revenue downgrade and a 14% stock slide, even as client assets grew 20% and non-crypto segments held steady — meaning crypto trading volatility is now the dominant earnings risk for the group.
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