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Marathon Digital Shares Rise as Q2 Earnings Beat Estimates
The bitcoin miner's stock has more than tripled this year.
By Nelson Wang
Updated May 9, 2023, 3:22 a.m. Published Aug 13, 2021, 1:04 p.m.
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Bitcoin miner Marathon Digital (MARA) reported second-quarter adjusted earnings on Friday morning that beat analysts’ average estimate, but its revenue fell short of predictions.
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Başka bir hikayeyi kaçırmayın.Bugün Crypto Daybook Americas Bültenine abone olun. Tüm bültenleri gör
- Shares were up 4.4% in pre-market trading Friday to $35.34. They have more than tripled this year.
- The miner reported adjusted earnings per share of $0.21, ahead of analyst estimates of $0.16, according to FactSet.
- Its adjusted earnings excluded the impact of depreciation and amortization of fixed assets, impairment losses on mined cryptocurrency, server maintenance contract amortization and stock compensation expense. On a GAAP (generally accepted accounting principles) basis, the company reported a net loss of $1.09 per share, compared with a net loss of $0.13 in the same period a year earlier.
- Revenue came in at $29.3 million, short of estimates for $34.4 million. The figure increased 220% from $9.2 million in the first quarter and was up from $286,000 in last year's second quarter.
- The company also said it produced 654 newly minted bitcoins in the second quarter, bringing the total of new bitcoins mined for the first half of 2021 to 846.
- Its investment fund, which purchased 4,812.66 BTC for about $150 million in January, increased in fair value by $16.9 million during the first six months of the year.
Read more: Several Crypto Mining Stocks Up Sharply as Bitcoin Rises Above $46K
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