Gemini (GEMI) shares fell 7% to $4.00 in after-hours trading Thursday, even as second-quarter net loss narrowed to $107.7 million, down 19% year over year. Revenue rose 37% to $45.5 million with services revenue doubling to $26.0 million, but exchange revenue slipped 38% to $12.5 million as crypto trading volumes collapsed to $3.8 billion from $11.3 billion a year earlier. An identity fraud event forced a $16.1 million provision for credit losses on the credit card portfolio, driving transaction losses to $20.1 million from $3.6 million.
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