CleanSpark stock slides 9% as quarterly earnings miss estimates on bitcoin holdings loss
The post CleanSpark stock slides 9% as quarterly earnings miss estimates on bitcoin holdings loss appeared on BitcoinEthereumNews.com. CleanSpark (CLSK) stock fell over 9.4% in pre-market trading on Tuesday after the U.S. bitcoin BTC$80,570.00 mining company reported a widening net loss of $378.3 million for its second fiscal quarter, hit by a significant non-cash adjustment to its digital asset holdings. The company reported a net loss of $378.3 million for the quarter ending on March 31, a steep increase from the $138.8 million loss reported the same period last year. The loss of $1.52 per share was more than triple the analyst estimate on EPS of a 41 cents’ loss. The firm’s bottom-hit was mainly driven by a $224.1 million non-cash bitcoin fair value loss, reflecting market volatility. Quarterly revenue reached $136.4 million, down 25% from $181.7 million year-over-year, the report revealed, missing estimates of $154.3 million. Despite the dip, CleanSpark expanded its infrastructure,