What's Going On With Bitcoin Mining Stock Riot Platforms?
Portfolio Pulse from Adam Eckert
Riot Platforms Inc (NASDAQ:RIOT) reported Q1 revenue of $79.3 million, missing estimates but achieved positive earnings of 82 cents per share, surpassing expectations for a loss. The company produced 1,264 bitcoin, a 36% decrease due to increased network difficulty. Riot anticipates a self-mining hash rate capacity of 31 EH/s by end of 2024 and 41 EH/s in 2025 with new miner deployments. Shares rose 2.56% to $10.37.
May 01, 2024 | 12:42 pm
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Riot Platforms reported higher than expected earnings per share but missed revenue forecasts for Q1. The company also announced future hash rate capacity increases.
The positive earnings report and future growth prospects in hash rate capacity are likely to instill investor confidence, despite the revenue miss. The increase in share price reflects positive market reaction.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100