Bullish www.benzinga.com/quote/BLSH(NYSE:BLSH) stock traded lower Friday after several analysts cut their price forecasts following mixed second-quarter results.

Bullish Revenue Beats Estimates, EPS Misses

Bullish on Thursday reported adjusted revenue of $92.6 million, up 62% year over year. Revenue beat the analyst estimate of $87.81 million.

Record subscription, services and other revenue of $62.7 million drove growth and helped offset weaker crypto trading activity.

Adjusted EBITDA rose to $29.5 million from $8.1 million a year earlier. Adjusted net income totaled $14.3 million, or 9 cents per share. Adjusted EPS missed the 10-cent consensus estimate.

Management also refined its full-year 2026 outlook. Bullish expects subscription,…