What's Going On With Bitcoin-Miner Iris Energy Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) shares surged after the company reported better-than-expected Q3 financial results, with revenue and earnings surpassing analyst estimates. The company achieved record revenue and operating cash flow, and announced an increase in its 2024 expansion plans.
May 16, 2024 | 4:41 pm
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Iris Energy Limited reported Q3 revenue of $54.349 million, beating estimates by 5.54%, and earnings of 8 cents per share, surpassing expectations by 10%. The company achieved record revenue and operating cash flow, and increased its 2024 expansion plans to 30 EH/s.
The better-than-expected financial results and the announcement of increased expansion plans are likely to positively impact IREN's stock price in the short term. The company's strong performance and strategic investments indicate robust future growth.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100