Marathon Digital Misses Q2 2023 Forecasts Despite $81.8M Revenue
- Revenues of $81.8 million were announced for Q2 2023 by Marathon on August 8.
- Marathon’s 2023 revenue increased by 73.3% from the first half of 2022.
The results for the second quarter of 2023 for crypto mining company Marathon Digital fell short of analyst forecasts for both profit and revenue. Revenues of $81.8 million were announced for Q2 2023 by Marathon on August 8, below the Zacks Investment Research forecast of $83.2 million.
The crypto miner had a net loss of 13 cents per share, which was far worse than the 3 cents per share loss predicted by Zacks. The mining company’s revenue climbed by 228% from the second quarter of 2022, despite missing revenue estimates.
Overall Positive Growth
Marathon’s 2023 revenue increased by 73.3% from the first half of 2022 to $132.8 million because of the higher second quarter. The mining company attributed some of its income growth to the fact that it was generating 32 Bitcoins per day on average, up 314 percent from the second quarter of 2022.
Marathon’s Q2 was particularly challenging in June, when their BTC output dropped by 21% from May. The company said that the decline was due to bad weather at its Texas plant. Moreover, Marathon’s share price consolidated after the market closed, dropping 1.65% in after-hours trading to roughly $15.50 per share.
In a statement, Marathon’s CEO and chairman Fred Thiel boasted about the company’s rapid quarterly growth in hash rate and efficiency.
The number of active hashes increased by 54% during the second quarter, from 11.5 to 17.7 exahashes, as reported by Thiel. He also said that Marathon had mined a record 2,926 Bitcoins during the quarter, or around 3.3% of the total network payouts.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
