Riot Blockchain Sinks 5% After Reporting Underwhelming Earnings
It's still earnings season, with a number of high-profile companies yet to report. For those intrigued by the recent cryptocurrency rally, Riot Blockchain (NASDAQ: RIOT) is one company investors may have been watching closely heading into its second-quarter results, which were released after market close yesterday.
Today, Riot's stock opened slightly lower and has lost steam throughout the day, trading down 5.5% as of 11:30 a.m. ET.
The results certainly weren't what investors and analysts expected. Riot missed top-line estimates, with revenue coming in at $72.9 million. This figure missed estimates by more than 5%. Worse still, a massive loss of $0.50 per share far exceeded expectations of a $0.15 earnings-per-share loss. This higher-than-expected figure appears to be primarily attributable to a large noncash Bitcoin impairment charge.
Source Fool.com
