Silvergate Capital misses estimates as Crypto Bank sees $1 billion quarterly loss

0
6

Silvergate capital


saw a net loss of $1 billion in the fourth quarter — more than the bank has made cumulatively in years — as revenues were hit by a collapse in the crucial cryptocurrency space on which it bet its future.

The group reported a loss of $1 billion, or $33.16 per share, in the fourth quarter, which is more than the $870 million loss expected among analysts surveyed by FactSet.

ALSO READ  Jim Cramer says market is in period of consolidation and getting rid of 'weak investors'

LEAVE A REPLY

Please enter your comment!
Please enter your name here