CEX Q1 Financial Report: Volume decline leads to revenue and profit falling short of expectations

GateUser-6433627c · 2025-05-09T00:58:07+00:00

On May 9, the US cryptocurrency trading platform CEX announced its first-quarter earnings on Thursday afternoon, and its revenue and earnings both fell short of market expectations as trading activity fell from the highs after the "general election" in the previous quarter. For the first quarter ended March 31, the company's adjusted net income was $527 million. Earnings per share came in at $0.24, well below the consensus estimate of $1.93. Total revenue of $2.0 billion fell slightly short of expectations of $2.12 billion and was down from $2.3 billion in the fourth quarter of 2024. Transaction revenue fell 19% to $1.2 billion in the first quarter, driven by a 10% decline in transaction volumes. At the end of the quarter, CEXs held $9.9 billion in U.S. dollar reserves, an increase of approximately $600 million sequentially. CEX stablecoin revenue was $197 million, down from $2 in the previous quarter

GateUser-6433627c

2025-05-09 00:58:07

On May 9, the American Crypto Assets trading platform CEX released its first quarter financial report on Thursday afternoon. Due to a decline in trading activity from the high points following the “election market” of the previous quarter, both its revenue and profit fell short of market expectations. For the first quarter ending March 31, the company’s adjusted net profit was $527 million. Earnings per share were $0.24, far below the market’s general expectation of $1.93. Total revenue of $2 billion was slightly lower than the expected $2.12 billion, a decrease from $2.3 billion in the fourth quarter of 2024. Due to a 10% drop in volume, first-quarter trading revenue fell 19% to $1.2 billion. At the end of this quarter, CEX’s dollar reserves reached $9.9 billion, an increase of about $600 million quarter-on-quarter. CEX’s stablecoin revenue was $197 million, down from $226 million in the previous quarter. CEX’s stock price fell 2.5% in after-hours trading to $201. The stock has dropped about 19% year-to-date in 2025 and about 2% over the past year.

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