Bullish Shares Rise After 2Q Adjusted Revenue Beats Estimates
By Grace YoonShares of Bullish rose after the digital asset platform's second-quarter adjusted revenue beat estimates despite swinging to a loss.The stock was up 11% to $27.43 in recent trading, but fell 28% since the start of the year.The company reported a loss of $280 million, or $1.78 a share, compared with a profit of $108.3 million, or 93 cents a share, a year earlier.Adjusted revenue rose 62% to $92.6 million. Analysts polled by FactSet expected $87.5 million."The nearly $300 trillion global securities market is moving onto public blockchains. Bullish is excited to work with issuers to make this happen in a way that accrues to their benefit," said Chief Executive Tom Farley.Write to Grace Yoon at [email protected]