PANews reported on October 25 that according to Cointelegraph, the crypto wallet Exodus reported strong financial results for the second quarter of 2024, with revenue increasing 80% year-on-year to US$22.3 million. Despite Exodus' significant year-on-year growth, it also suffered a significant loss in the second quarter of 2024, with a net loss of US$9.6 million, compared to revenue of US$1.9 million in the second quarter of 2023.
A spokesperson for Exodus said: "The second quarter loss was due to the decline in digital asset prices, which led to a decrease in the value of our holdings of Bitcoin and other digital assets, rather than due to unprofitable operations." Exodus' adjusted second-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) also soared 43% from $4.1 million in the second quarter of last year to $5.8 million in the second quarter of 2024.
