Core Scientific Reports Q4 Revenue of $79.8 Million, Below Expectations, Shares Down 4.5%
Core Scientific reported fourth-quarter revenue of $79.8 million, falling short of estimates of $122.08 million, with a loss of $0.42 per share. The company is transitioning towards hosting and colocation services amid challenges in the bitcoin mining sector due to the April 2024 halving. Core is expanding its capacity, adding 430 megawatts in Texas and 300 megawatts in other regions. Riot Platforms reported a surge in revenue to $647.4 million, exceeding forecasts.
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Core Scientific (CORZ) reported fourth-quarter revenue of $79.8 million, down from $94.93 million a year earlier and below the expected $122.08 million. The company recorded a loss of $0.42 per share, worse than the anticipated $0.08 loss.
The results reflect challenges in the bitcoin mining industry following the April 2024 halving. Core is shifting towards hosting and colocation services and is expanding into Texas with an additional 430 megawatts of capacity. Riot Platforms (RIOT) reported a strong revenue increase to $647.4 million, surpassing expectations.
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