Figure Technology, a blockchain-based lending platform, saw its shares tumble 20 percent after reporting fourth-quarter results, Cointelegraph reported on Feb. 27.
Figure disappointed investors after posting lower-than-expected net profit despite rising revenue.
Figure Tech posted fourth-quarter revenue of $159.9 million, nearly doubling from $83.9 million a year earlier. Net profit also rose to $15.1 million, but earnings per share stood at $0.06, well below the market estimate of $0.18.
The company said loan growth drove the revenue increase.
Loan volumes through the Figure platform surged to $2.7 billion from $1.2 billion a year earlier. But profitability fell short of expectations, and the shares closed at $27.12, down 20 percent immediately after the results announcement.
Figure Tech jumped 24 percent on its first day of trading after listing on Nasdaq in September last year, rising to $74, but it has since been falling.
Chi-gyu Hwang
delight@d-today.co.kr