Gemini Space Station Stock Soars After The Close: Here's Why

Gemini Space Station Inc (NASDAQ:GEMI) shares are trading higher in extended trading Thursday after the company reported first-quarter results and announced an investment from Winklevoss Capital Fund.

• Gemini Space Station stock is among today’s top performers. Why is GEMI stock surging?

Gemini Space Station Q1 Highlights

• Q1 Revenue: $50.27 million, versus estimates of $49.29 million

• Q1 Loss: 93 cents, versus estimates of 96 cents

Total revenue was up 42% on a year-over-year basis, driven by strong growth in services and OTC revenue. Gemini Space Station reported 589,000 monthly transacting users, up 17% year-over-year.

Gemini Space Station ended the quarter with $215.6 million in total cash and cash equivalents.

Gemini Space Station also announced Winklevoss Capital Fund made a $100 million strategic investment into the company at $14 per share.

“We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth,” said Tyler Winklevoss, CEO of Gemini.

Gemini Space Station executives will further discuss the quarter on an earnings call at 8:30 a.m. ET on Friday.

GEMI Shares Surge

GEMI Price Action: Gemini Space Station shares were up 13.51% in after-hours, trading at $5.97 at the time of publication on Thursday, according to Benzinga Pro.

Image: Shutterstock.com