Bitcoin
Fold Revenue Tumbles 44% as TikTok Shop Becomes Its Biggest Customer Channel
Fold Holdings (FLD) posted a 44% year-over-year decline in third-quarter revenue, but the Phoenix-based bitcoin financial services company told investors that a new distribution deal with TikTok Shop has turned into its single largest source of new customers. Revenue for the quarter ended Sept. 30 came in at $4.16 million, down from $7.40 million a year earlier, according to the company's earnings release and call on Nov. 10. The net loss was $2.65 million, or 5 cents a share, compared with net income of $554,242 in the prior-year period. The top-line drop was concentrated in merchant offers, where revenue fell...
finance.biggo.com5 min read
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