Crypto
IREN Stock Slumps on Weaker Than Expected Q4 Results
IREN stock plummeted by more than 8% in overnight trading after the company reported weaker-than-expected fiscal fourth-quarter results.
The bitcoin miner and AI infrastructure company's revenue fell short of Wall Street's consensus estimate, coming in at $137.2 million compared to the expected $157.14 million.
Despite this miss, IREN's AI Cloud business continued to expand rapidly, with revenue reaching $70.5 million in the June quarter and helping offset some of the decline in Bitcoin mining revenue.
The company is in the process of transitioning away from Bitcoin mining toward AI Cloud services, a move that comes with significant capital requirements.