BitGo shares climbed 4.9% to $5.10 on Monday as a $71.5 million unrealized crypto gain offset a $19.2 million operating loss and a 51% decline in quarterly revenue to $2.85 billion.
Q3 net income nearly doubled to $44.1 million on a $71.5 million unrealized crypto gain, but the underlying business deteriorated: revenue fell 51% to $2.85 billion and missed consensus by 32%, with an operating loss of $19.2 million versus $3.9 million operating income a year earlier. Good and bad largely offset, and the shares already rose 4.9% to $5.10 on the news.
BitGo Holdings reported $44.1 million in third-quarter net income, nearly doubling year-over-year due to a $71.5 million unrealized gain on crypto holdings. Despite this profit growth, the company's core business struggled, with revenue falling 51% to $2.85 billion and missing the $4.2 billion Zacks consensus by 32%.
The $44.1 million net income came mostly from a $71.5 million unrealized gain on its crypto holdings, while the core business posted a $19.2 million operating loss and revenue fell 51% to $2.85 billion.
BitGo shares rose 4.9% on Monday to close at $5.10, recovering part of a roughly 60% year-to-date decline, even though revenue and earnings both missed analyst estimates.