IREN (IREN) earnings showed weaker than expected overall results, with the company lacking consensus on both revenue and earnings per share. stock (EPS) as it accelerates its transition from bitcoin mining to the AI Cloud.
Financially, Q2 revenue fell to $184.7 million, missing expectations and down from $240.3 million in Q1, while the company reported a net loss of $155.4 million, also below consensus.
IREN secured $3.6 billion in GPU financing for its Microsoft contract, which, along with a $1.9 billion customer upfront payment, is expected to cover about 95% of GPU-related capex.
Tech giant Amazon ( AMZ ) also missed EPS expectations but beat revenue, according to investing.com. Investor focus shifted to management’s plan to spend about $200 billion on investments by 2026, primarily AI-related. Amazon shares have fallen 10 percent.
Pre-market update
Bitcoin bounced back from around $60,000 to $66,000, leading to a broad rally across crypto-exposed stocks. Strategy ( MSTR ), the largest publicly traded holder of bitcoin, rose 7% in premarket trading, reflecting 7% gains for Galaxy ( GLXY ) and MARA Holdings ( MARA ), while Coinbase ( COIN ) rose 6%.
