Bitcoin miner Marathon Digital missed on both the top and bottom lines in its Q2 earnings report released on Tuesday. $MARA By NelWang
Marathon Digital , one of the largest bitcoin miners in North America, missed on both the top and bottom lines in its second-quarter earnings report on Tuesday. The miner reported an adjusted loss per share of $0.13 on revenues of $81.8 million compared to FactSet analyst estimates for a loss of $0.06 on revenues of $83.4 million.
Shares of Marathon were roughly flat at $15.73 in after-hours trading on Tuesday. Marathon shares are up almost 360% this year as the price of bitcoin has surged. “After a strong start to the year, we accelerated our progress in the second quarter by significantly growing our hash rate and improving our efficiency,” said Fred Thiel, Marathon’s chairman and CEO, in a press release.
The company gained $23.4 million on the sale of bitcoin in the quarter as it sold 63% of the bitcoin produced in the quarter to fund operating costs. Marathon also benefited from lower impairment charges in the quarter of $8.4 million, down from $131.6 million in the year-ago quarter, as bitcoin prices rose in the quarter.
Marathon also filed an 8-K on Tuesday saying it needed to restate cash flow figures for the first quarter. The company said the restatement came from reclassifying proceeds from the sale of digital assets from operating activities to investing activities. Operating cash flow went from -$28.8 million to -$91.5 million, while investing cash flow went from -$72 million to -$9.4 million.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Justin Thomas misses FedEx Cup cut after gut-wrenching chip shot on final holeEntering this week’s regular-season finale, the Wyndham Championship, Thomas was No. 79 in the points standings and needed to crack the top 70 to qualify for the playoffs, which begin next we…
Les mer »
Couple misses Taylor Swift show when husband mixes up concert dates'Ohhh, this is not gonna be a fun night,' Bear Silber said.
Les mer »
Lucid misses revenue expectations after EV deliveries disappointLucid's second-quarter revenue fell short of expectations, with just over $150 million generated. Deliveries of its Air electric luxury sedan also fell short. However, a recent $3 billion capital raise has extended the company's cash runway into 2025.
Les mer »
Country Garden misses bond payments as China property fears flareCountry Garden, the biggest privately owned developer in China, confirmed market fears by announcing that it has not paid two dollar bond coupons due on Aug. 6, indicating repayment troubles.
Les mer »
Breakingviews - Indian lenders’ earnings get credit reality checkA near three-fold jump in net profit did little to cheer State Bank of India investors. Shares in the country’s largest lender fell 3% on Friday after it reported new bad loans doubled to $926 million during the three months to June from the previous quarter.
Les mer »
'And Just Like That...' Season 2 Rushed Carrie and Aidan's ReunionIt's a marathon, not a sprint.
Les mer »