IREN Stock Plunges on Q4 Miss as AI Cloud Growth Accelerates

Shares of IREN Ltd., a bitcoin miner and AI infrastructure company, plummeted more than 8% in overnight trading after the company reported weaker-than-expected fiscal fourth-quarter results.

The revenue decline reflected the ongoing transition away from Bitcoin mining toward AI Cloud services. IREN reported fiscal Q4 revenue of $137.2 million, below Wall Street's consensus estimate of $157.14 million.

Despite the overall revenue miss, IREN's AI Cloud business continued to expand rapidly, with AI Cloud revenue reaching $70.5 million in the June quarter, helping offset some of the decline in Bitcoin mining revenue.