Webull (BULL) Sheds 7% on Dismal Earnings

We recently published 10 Stocks With Massive Losses; AI Firms Not Spared. Webull Corp. (NASDAQ:BULL) is one of the worst performers on Friday.

Webull dropped its share prices by 7.36 percent on Friday to finish at $13.59 apiece as investors sold off positions following a dismal earnings performance in the second quarter of the year.

In its updated report, Webull Corp. (NASDAQ:BULL) said net loss attributable to shareholders expanded by 2,188 percent to $518.86 million from only $22.67 million in the same period last year, dragged mainly by a significant loss related to the fair value of ordinary shares issued to preferred shareholders. Total revenues, on the other hand, increased by 46 percent to $131.49 million from $89.89 million in the same comparable period, with trading revenues increasing 63 percent year-on-year.

In the first half, attributable net loss narrowed by 53 percent to $527.48 million from $1.123 billion registered in the same period last year, while revenues increased by 39 percent to $248.86 million from $178.83 million year-on-year.

Copyright: belchonock / 123RF Stock Photo

“The environment for retail self-directed trading was the best we’ve seen since the COVID-19 pandemic, and with the market now in a new era driven by a more discernable regulatory environment, Webull is more focused than ever on delivering new products to our sophisticated retail trading cohort, as demonstrated by our recent re-launching of crypto and our ongoing global expansion,” said Webull Corp. (NASDAQ:BULL) President and CEO Anthony Denier.

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Disclosure: None. This article is originally published at Insider Monkey.