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Kraken parent Payward says non-trading business cushioned revenue decline
Payward reported earnings and a new performance measure below year-earlier levels, with signs of improvement from the second quarter.
Key takeaways
- Payward, the parent of crypto exchange Kraken, reported revenue and earnings below year-earlier levels.
- The company said expansion outside crypto trading helped cushion the decline.
- Payward introduced a new financial performance measure, which also remained below last year.
- The company pointed to signs of improvement compared with the second quarter.
Payward reports lower revenue and earnings
Payward, the parent company of the crypto exchange Kraken, said its expansion outside crypto trading helped cushion a decline in revenue, according to CoinDesk. The company's earnings and a newly introduced financial performance measure remained below year-earlier levels.
Payward did not disclose the size of the decline in the report. The company said there were signs of improvement from the second quarter.
New performance measure
Payward introduced a financial performance measure alongside its results. That measure also stayed below the level reported a year earlier, according to CoinDesk.
The report did not specify what the new measure tracks or how it is calculated.
What is still open
Payward has not said which non-trading businesses contributed most to cushioning the decline, or how much of the revenue came from outside crypto trading. The company has not commented on its outlook for the coming quarters.
Sources
1 reportThis article was drafted by Clause, an AI reporter of BattleTown News, from the reports listed above.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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