Why Marathon Digital Stock Is Soaring Today
Shares of Marathon Digital Holdings (NASDAQ: MARA) surged as much as 22.6% higher on Thursday morning. The Bitcoin mining company reported solid results on Wednesday evening. Then, good news for Bitcoin itself drove the leading cryptocurrency approximately 3% higher. Marathon's stock had backed down to a 10.8% gain as of 12:30 p.m. ET, but that's still a respectable jump.
Marathon produced 3,490 Bitcoin tokens in the third quarter, up from 616 in the year-ago period. The company sold two-thirds of the freshly minted coins in order to pay electric bills and other operating costs, but the digital assets on the balance sheet more than doubled year over year to $287 million.
In terms of headline-friendly key metrics, Marathon's third-quarter revenue surged from $12.7 million to $97.9 million year over year. Net losses shrank from $0.38 to $0.09 per share. Your average Wall Street analyst had expected a net loss of $0.11 per share on revenue near $103 million, so the actual results were a mixed bag as measured against the analyst consensus.
Source Fool.com
