By Sabela Ojea
Shares of Cipher Mining dropped after the company reported lower-than-expected revenue in the latest quarter.
At 3:25 p.m. EDT on Tuesday, shares were down 14% to $3.86.
The developer and operator of bitcoin mining data centers posted a first-quarter net profit of $39.9 million, or 13 cents a share, compared with a loss of $4.6 million, or 2 cents a share, for the same period a year earlier.
Revenue jumped to $48.1 million from $21.9 million a year ago, but missed analysts expectations of $50.3 million, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
05-07-24 1550ET