Bitcoin Miner Marathon Digital Reports 314% Increase In Bitcoin Production, But Misses Estimates
Portfolio Pulse from Adam Eckert
Marathon Digital Holdings Inc reported Q2 revenue of $81.8 million, missing the consensus estimate of $92.65 million. The company also reported a quarterly loss of 13 cents per share, missing analyst estimates for a loss of 4 cents per share. Despite a 314% increase in Bitcoin production, the company's shares were trading lower by 3.63%.
August 08, 2023 | 9:00 pm
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NEUTRAL IMPACT
Marathon Digital reported a 314% increase in Bitcoin production, which more than offset 14% lower average Bitcoin prices during the quarter.
While Marathon Digital's increased Bitcoin production is a positive sign, the impact on Bitcoin's price is uncertain due to the broader market factors influencing the cryptocurrency's value.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Marathon Digital's Q2 earnings missed estimates, leading to a drop in share price.
Marathon Digital's Q2 earnings missed estimates, which is likely to negatively impact investor sentiment and lead to a decrease in the company's share price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100