The New York-based tech company readying a $400 million “Fintech Village” on UConn’s former West Hartford campus said Wednesday its second-quarter revenues plummeted as it continued to retool its business model.
Ideanomics booked $14.5 million in revenue for the three months ended June 30, compared to $133 million a year ago.
The steep decline was due mainly to Ideanomics’ previously announced transition out of crude oil trading and other logistics-related business lines, which it found to be unprofitable and previously made up the bulk of the company’s overall revenues.
Instead, the company has begun to book more revenue from digital asset management and other financial-technology offerings, which is its main business going forward.
Despite the decline in revenues, Ideanomics did improve its second-quarter profitability. It reported a profit of $5.3 million, or 5 cents per diluted share, up from a loss of $8.6 million, or 12 cents, in the second quarter last year.
Ideanomics stock was trading at $1.80 per share late Wednesday morning, down 6 cents from the market open.
