Why Applied Digital Stock Is Trading Down Today
Portfolio Pulse from Ryan Gustafson
Applied Digital Corporation's (NASDAQ:APLD) shares are declining along with other tech stocks due to the weakness observed in Netflix and Tesla following their respective quarterly reports. Netflix reported mixed results with soft third quarter sales guidance. Tesla reported increased earnings and sales. Applied Digital is set to report fourth quarter earnings in four days, with an expected loss of four cents per share and revenue estimated at $29.57 million. APLD shares were down 8.21% at $7.71 at the time of publication.
July 20, 2023 | 7:54 pm
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Applied Digital's shares are declining due to the weakness observed in Netflix and Tesla following their respective quarterly reports. The company is set to report Q4 earnings in four days, with an expected loss of four cents per share.
The decline in Applied Digital's shares is likely due to the overall weakness observed in the tech sector following the release of Netflix and Tesla's quarterly reports. The upcoming earnings report for Applied Digital, which is expected to show a loss, may also be contributing to the decline.
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