IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb
The stock rose 13% pre-market with IREN closing in on MARA as the world’s biggest bitcoin and AI miner by market cap.
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Earnings
The stock rose 13% pre-market with IREN closing in on MARA as the world’s biggest bitcoin and AI miner by market cap.
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Barclays, JPMorgan, Compass Point and Oppenheimer all cut their first-quarter forecasts last month, citing weaker crypto trading.
The trading platform’s results could give an indication for Coinbase’s earnings on May 8.
Bitcoin (BTC) miners’ first-quarter results may disappoint because the hashprice, a measure of daily mining profitability, fell further and trade tariffs weighed on the market, asset manager CoinShares (CS) said in a blog post on Friday. “Q2 results may show deterioration, as tariffs on imported mining rigs range from 24% (Malaysia) to 54% (China),” analysts led by James Butterfill wrote. […]
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The bitcoin mining firm faced revenue declines but is betting on proprietary ASIC chips to drive future expansion.
IREN is seeing a resurgence of interest from tech data centers to host their AI-related computing machines.
Company executives also see the potential to pay a dividend in 2025.
The shares rose nearly 30% after the earnings conference call, outperforming peers.
The firm signed a non-binding deal with a hyperscaler firm to potentially allocate all of its 800 megawatts power to hosting high-performance computers.
The company missed consensus revenue expectations, analysts said.