Tech · Cointelegraph
MARA shares sink on first-quarter revenue miss, $1.3 billion loss
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MARA Holdings says Bitcoin mining remains the company’s “operational foundation” while it moves to expand into AI.
Key facts
- MARA’s earnings released on Monday reported its revenue for the quarter ending March 31 dropped 18% year-on-year to $174.6 million, missing Wall Street expectations of $192.7 million
- Shares in MARA Holdings (MARA) fell 3.44% in after-hours trading on Monday to $12.93, erasing gains over the trading day, which ended at a gain of 3.48% to $13.39
- The company reported a loss of $1.3 billion for the quarter, widening from its $533.4 million loss from the year-ago quarter
- MARA’s current AI strategy centers on its partnership with Starwood Capital, aimed at converting Bitcoin mining sites into AI and HPC data centers, and Long Ridge Energy & Power, a gas-fired power
Summary
Shares in MARA Holdings fell after the bell on Monday as the Bitcoin miner’s first-quarter losses deepened from a year ago and its revenues missed analyst estimates. MARA’s earnings released on Monday reported its revenue for the quarter ending March 31 dropped 18% year-on-year to $174.6 million, missing Wall Street expectations of $192.7 million. The company reported a loss of $1.3 billion for the quarter, widening from its $533.4 million loss from the year-ago quarter. Shares in MARA Holdings (MARA) fell 3.44% in after-hours trading on Monday to $12.93, erasing gains over the trading day, which ended at a gain of 3.48% to $13.39.