Marathon Digital Beats Q3 Earnings Estimate, but Misses on Revenue

Marathon Digital’s (MARA) third quarter earnings per share of $0.85 beat the consensus analyst estimate of $0.43, while its revenue of $51.7 million missed the estimate of $67.4 million, according to FactSet.

The company’s third quarter revenue rose over 6,000% year-over-year, according to a statement.Marathon mined 1,252 bitcoin in the third quarter, which was a 91% increase from the previous quarter.At the end of the quarter, it held 7,035 bitcoin with a fair-market value of $307.6 million.The miner expects its previously purchased 130,000 mining machines to come online between now and the middle of 2022.Marathon noted that global supply-chain issues are affecting the crypto mining industry, and the company recently started chartering planes to expedite the delivery of its mining computers.The shares of the bitcoin miner were down about 1.5% in early trading Wednesday, after initially rising about 4% following the release of the results. They are up more than 600% so far this year.

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