U.S. Stocks Move | Surge in AI Cloud Revenue Fails to Offset Transformation Pains, IREN (IREN.US) Drops About 8%
On Friday, IREN (IREN.US) opened significantly lower, with a decline of around 8% as of press time.
According to Jinse Finance APP, on Friday, IREN (IREN.US) opened sharply lower and, as of press time, was down about 8%. Newswise, IREN’s fourth-quarter loss unexpectedly widened, and revenue also fell short of market expectations. The financial report showed that IREN’s fourth-quarter revenue declined quarter-on-quarter to $137.2 million, below the market expectation of $153.2 million. By business segment, AI cloud service revenue increased from $33.6 million in the previous quarter to $70.5 million; Bitcoin mining revenue fell from $111.2 million in the previous quarter to $66.7 million, compared to the market expectation of $65.6 million. The fourth-quarter net loss expanded from $247.8 million in the previous quarter to $684 million, reflecting the impact of the phasing out of Bitcoin mining hardware as mining sites are rebuilt to support the growth of the AI cloud business.
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