Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported first-quarter adjusted revenue that missed analysts' forecasts, as subscriptions and services fell short of expectations.
Adjusted revenue rose 49% from the year-earlier quarter to $92.8 million compared with FactSet analyst estimates of $94.9 million. Subscription, services and other revenue came in at $54.8 million, below consensus expectations of $57.6 million, according to Clear Street analyst Owen Lau.
Crypto markets struggled through much of the quarter as bitcoin BTC$79,082.57 and other digital assets pulled back from highs reached toward the end of last year. Last week, rival Coinbase (COIN) reported weaker-than-expected results as softer crypto prices reduced trading volumes. Trading platform Robinhood (HOOD) also missed estimates as crypto-related revenue fell 47% year over year.
Bullish shares recovered much of their original decline as broader markets rose. They were recently 1.42% lower at $41.22.
Trading revenue was roughly in line with or above consensus expectations. Adjusted earnings before interest, tax, depreciation and amortization (Ebitda) came in at $35.1 million, up from $13.2 million a year earlier, but missing expectations of $38 million.
