Applied Digital Analysts Slash Their Forecasts After Q3 Results
Portfolio Pulse from Avi Kapoor
Applied Digital Corporation (NASDAQ:APLD) reported Q3 results with revenue of $43.3 million, missing the consensus of $51.9 million, and an adjusted loss of 24 cents per share, worse than the expected 10 cents per share loss. The company faced challenges including power outages at their datacenter hosting business. Despite this, they made progress in Cloud Services and established a 100 MW HPC datacenter. Shares fell 6% to $2.8850. Analysts from Roth MKM and Lake Street adjusted their price targets on APLD following the earnings announcement.
April 12, 2024 | 2:51 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Applied Digital's Q3 earnings missed expectations with significant revenue growth but below consensus and a larger adjusted loss per share. Shares fell 6% following the announcement.
The missed earnings and adjusted loss per share indicate operational challenges, impacting investor confidence and leading to a decrease in share price. The adjustments in price targets by analysts further validate the negative short-term outlook for APLD.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100