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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intercontinental Exchange Inc | NYSE:ICE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.08 | -0.06% | 128.68 | 130.47 | 128.45 | 128.83 | 2,957,796 | 21:15:11 |
By Will Feuer
Intercontinental Exchange Inc. swung to a surprise loss in the third quarter after it took a non-cash charge on its stake in cryptocurrency platform Bakkt Holdings Inc.
The exchange operator and mortgage-data provider posted a net loss attributable to the company of $191 million, compared with a profit of $633 million in the same period a year earlier. On a per-share basis, the loss came to 34 cents a share, compared with earnings of $1.12 a share. According to FactSet, analysts were expecting earnings of 97 cents a share for the quarter.
The company attributed the results to losses at Bakkt, a cryptocurrency platform that went public about a year ago through a merger with a special-purpose acquisition company. At the time of the merger, Intercontinental Exchange held a 68% economic interest in the company.
Intercontinental Exchange said last week that it would reduce the carrying value of its stake in Bakkt to about $400 million as of Sept. 30, down from $1.5 billion on June 30. Shares of Bakkt are down almost 77% this year.
Stripping out one-time items, adjusted earnings came to $1.31 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $1.27 a share.
Revenue rose to $2.39 billion from $2.28 billion. Revenue, excluding transaction-based expenses, rose to $1.81 billion from $1.80 billion. Analysts were expecting revenue of $1.80 billion, according to FactSet.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
November 03, 2022 08:14 ET (12:14 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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