Cipher Mining Shares Fall 14% on 1Q Revenue Miss
By Sabela Ojea
Shares of Cipher Mining dropped after the company reported lower-than-expected revenue in the latest quarter.
At 3:25 p.m. EDT on Tuesday, shares were down 14% to $3.86.
The developer and operator of bitcoin mining data centers posted a first-quarter net profit of $39.9 million, or 13 cents a share, compared with a loss of $4.6 million, or 2 cents a share, for the same period a year earlier.
Revenue jumped to $48.1 million from $21.9 million a year ago, but missed analysts expectations of $50.3 million, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
May 07, 2024 15:50 ET (19:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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