ethereum ·
Bit Digital stock falls 5% in pre-market after Q3 revenue miss
Bit Digital’s $27 million third-quarter revenue came in 16% below analyst consensus estimates, marking an over $5 million shortfall.
2 outlets · CoinTelegraph · cryptobriefing.com
The Nasdaq-listed firm (BTBT) reported revenue of $27.1 million. Consensus estimates had pointed to around $32 million.
The shortfall topped $5 million and left revenue 16% under the Street's number. Bit Digital actually made money this quarter.
Net income attributable to shareholders reached $28.5 million, or $0.08 per diluted share. The company also beat on adjusted earnings per share.
Gains on digital assets contributed about $16.3 million to net income, more than half of the total. The $27.1 million figure marked an 11% decline from $30.5 million in the same quarter a year earlier.
Colocation revenue jumped 232% to $5.6 million, a sharp gain for the newer part of the operation. Join 34,000+ readers across crypto, finance, and policy.
Cloud services revenue held steady at $18.1 million. That remains the largest piece of the top line by a wide margin.
Bit Digital ended September with $143.5 million in cash. Most of that sits at its subsidiary rather than at the parent company level. Bit Digital has spent the past stretch reinventing itself.
