Marathon Digital Shares Dive 8% on Weak Q2 Revenue
Although Marathon Digital’s performance has increased by 78% year over year, it has missed consensus projections for the second consecutive quarter.
US-listed Following the release of its second-quarter financial report, which fell short of Wall Street estimates, shares of bitcoin miner Marathon Digital dropped 8%.
According to data from Yahoo Finance, Marathon’s second-quarter sales of $145.1 million were almost 9% below analysts’ expectations of $157.9 million.
Its August 1 earnings report showed that despite a 78% year-over-year rise in revenue from $81.7 million in Q2 2023, there needed to be more.
According to statistics from Google Finance, MARA’s stock price they dropped 7.78% after the report was released, closing the trading day at $18.14.
Following the April Bitcoin halving, miners had difficulties throughout the quarter due to growing operating costs. Marathon Digital disclosed that it had sold 51% of its Bitcoin BTC $64,470 to pay for running costs.
According to the research, the average price of Bitcoin mined by Marathon in the second quarter of 2024 was 136% higher than in the same period the previous year.
Marathon mined 22.9 Bitcoins on average daily, 9.3 less per day than during the prior time.
Marathon has missed consensus predictions for two consecutive quarters; the company had already missed Q1 estimates.
Marathon’s Q1 revenues climbed 223% year over year to $165.2 million in results released on May 9; nevertheless, it fell 14.80% short of the $193.9 million expectation from financial research firm Zacks.
Following the announcement on July 23, Marathon was found guilty of violating a non-disclosure or non-circumvention agreement and was fined $138 million.
In the meantime, according to its financial report released on July 31, rival cryptocurrency miner Riot Platforms reported $70 million in sales for the second quarter of 2024—a year-over-year fall of 8.8%.
Riot’s announced revenues, which were only 0.63% less than Zacks’ projection, were much closer to consensus estimates.
Riot’s (RIOT) stock closed at $9.32, down 8.54% on the day’s trade.
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