Gemini shares slide after $108 million loss as Winklevoss says 'we still have work to do'

Gemini shares slid more than 7% in after-hours trading on Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter, despite revenue growing 37% The company recorded $45.5 million in total revenue, up from $33.3 million a year earlier.

Its net loss narrowed 19% from $133.2 million over the same period.

"While we still have work to do as a company, this quarter’s results reflect our ongoing efforts to reduce operating expenses while diversifying revenue," Gemini CEO Tyler Winklevoss said in a statement.

Gemini's credit card revenue jumped 231% to $16.2 million, while staking revenue grew 50% to $4 million.

However, exchange revenue fell 38% to $12.5 million amid a total trading volume drop to $3.8 billion from $11.3 billion a year earlier.