IREN Stock Drops 7% After Q4 Revenue Miss Despite AI Cloud Growth
TLDR
- IREN reported Q4 revenue of $137.2 million, missing Wall Street’s forecast of $157.14 million by about 12.7%
- AI Cloud revenue hit $70.5 million, making up 51.4% of total revenue for the first time
- The company posted a net loss of $684 million, mostly from non-cash impairments tied to its exit from bitcoin mining
- ARR climbed to $1 billion after Microsoft accepted Horizon 1, with management targeting $4 billion by December
- The stock fell 7.23% in after-hours trading after closing the regular session at $40.53
IREN reported fourth-quarter revenue of $137.2 million on Wednesday, falling short of the Wall Street consensus of $157.14 million. The stock closed the regular session at $40.53, up 2.4%, before dropping 7.23% in after-hours trading to $37.60.
The revenue shortfall of roughly $19.9 million, or about 12.7% below estimates, came as the company continued winding down its bitcoin mining operations ahead of new GPU installations.
EPS came in at a loss of $0.41, beating the Zacks consensus estimate of a loss of $0.50 per share. That represents an earnings surprise of 18%.
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