Silvergate Capital Corp SI shares are trading lower by 15.70% to $59.68 during Tuesday’s session after the company reported worse-than-expected third-quarter EPS and sales results.
What Happened?
Silvergate Capital reported quarterly earnings of $1.28 per share which missed the analyst consensus estimate of $1.34. The company also reported quarterly sales of $89.34 million which missed the analyst consensus estimate of $100.35 million by 11%. This sales figure represents a 73% increase over sales of $51.70 million in the same period last year.
Alan Lane, president and chief executive officer of Silvergate, commented, “Silvergate delivered another quarter of strong performance, achieving record net income available to common shareholders of $40.6 million. While volumes on the Silvergate Exchange Network (SEN) decreased this quarter compared to the overall industry, we remain confident in the power of our platform and the opportunities for expansion within the network.”
“We continued to see demand for our SEN Leverage product and growth in our new customer pipeline, a testament to the strength of our platform against a challenging backdrop in the broader digital asset industry,” Lane stated.
According to data from Benzinga Pro, Silvergate Capital has a 52-week high of $239.26 and a 52-week low of $50.65.