Why Sphere 3D's Stock Dropped 17.2% on Tuesday

Shares of Sphere 3D (NASDAQ: ANY) dropped as much as 17.2% on Tuesday after releasing its earnings for the third quarter. The stock of the data management company that is pivoting to cryptocurrency mining was down 13.5% as of 11:46 a.m. EST today.

On Nov. 15, Sphere 3D released its earnings results for the three months ending in September of this year. Revenue in the period was $1 million, up from $900,000 a year ago. Net loss was $2.4 million, worse than the $1.2 million loss last year, while gross profit actually declined year over year in the quarter. These lackluster results are likely why investors sold off Sphere 3D stock after the report came out.

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Source Fool.com