Why Investors Dumped Cipher Digital Stock on Tuesday
They weren't pleased with the big whiffs on analyst second-quarter estimates.
Overview
Tuesday was a record-breaking day for U.S. stocks, but you wouldn't know that from the performance of Cipher Digital's (NASDAQ: CIFR) equity. The crypto miner, which, like many peers, is pivoting hard into artificial intelligence (AI) data center operations, reported second-quarter earnings that morning.
These fell notably short of expectations, and Cipher Digital's share price fell by almost 16% across the trading day.
Details
In the quarter, Cipher Digital's revenue -- still comprised entirely of proceeds from Bitcoin mining -- fell sharply, declining to $24.8 million from the year-ago tally of nearly $43.6 million.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.