Gemini Space Station (GEMI), the crypto exchange founded by Tyler and Cameron Winklevoss, reported a deeper-than-expected third-quarter loss in its first earnings release since going public.
Heavy spending, particularly on marketing and IPO-related costs, led to a net loss of $159.5 million, or $6.67 a share, in the period. That was double the $3.24 loss-per-share forecast by analysts. The company’s shares slid 8.67% in pre-market trading to $15.38 even though revenue more than doubled from the year-earlier period to $50.6 million.
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