Why Applied Digital Stock Popped 16% Today
Data center designer, developer, and operator Applied Digital (NASDAQ: APLD) is having another big day on Monday -- perhaps not quite as big a day as two months ago, when it reported fiscal third-quarter earnings, but still big enough, as the shares surge 16% through 12:45 p.m. ET in response to an earnings beat in the fourth quarter ended May 31.
Analysts had forecast Applied Digital would lose $0.04 per share this past quarter, but management was able to hold that loss to just $0.01 per share.
Sales were a different story. Inspired by projections of sales growing swiftly -- to the point where 2024 sales would be 5x as big as 2023 -- and by Applied Digital's strong performance last quarter, Wall Street was thinking the company could hit $29.6 million in fiscal fourth-quarter sales. As it turned out, Applied Digital maxed out at just $22 million -- a sizable sales miss.
Source Fool.com
