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Marathon Digital Shares Rise as Q2 Earnings Beat Estimates
The bitcoin miner's stock has more than tripled this year.
Bitcoin miner Marathon Digital (MARA) reported second-quarter adjusted earnings on Friday morning that beat analysts’ average estimate, but its revenue fell short of predictions.
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- Shares were up 4.4% in pre-market trading Friday to $35.34. They have more than tripled this year.
- The miner reported adjusted earnings per share of $0.21, ahead of analyst estimates of $0.16, according to FactSet.
- Its adjusted earnings excluded the impact of depreciation and amortization of fixed assets, impairment losses on mined cryptocurrency, server maintenance contract amortization and stock compensation expense. On a GAAP (generally accepted accounting principles) basis, the company reported a net loss of $1.09 per share, compared with a net loss of $0.13 in the same period a year earlier.
- Revenue came in at $29.3 million, short of estimates for $34.4 million. The figure increased 220% from $9.2 million in the first quarter and was up from $286,000 in last year's second quarter.
- The company also said it produced 654 newly minted bitcoins in the second quarter, bringing the total of new bitcoins mined for the first half of 2021 to 846.
- Its investment fund, which purchased 4,812.66 BTC for about $150 million in January, increased in fair value by $16.9 million during the first six months of the year.
Read more: Several Crypto Mining Stocks Up Sharply as Bitcoin Rises Above $46K
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
