Shares of Applied Digital (APLD), a Texas bitcoin mining and data center firm, dropped sharply on Tuesday after the digital infrastructure provider reported quarterly results that fell short of Wall Street expectations.
The company, which has pivoted from its crypto mining roots to focus on high-performance computing (HPC) and AI-focused data centers, reported revenue of $52.9 million for the quarter ending February 28, 2025—a 22% increase from a year earlier, but well below analysts’ consensus estimate of $64.5 million, a nearly 18% miss.
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