Seeking Alpha
2021-11-10 16:47:55

Marathon Digital stock slips after missing on crypto mining revenue expectations

Even as Bitcoin (BTC-USD) hits a new record high, Marathon Digital (NASDAQ:MARA) shares edge lower following a somewhat worse-than-expected third quarter. Shares of MARA slide 1.4% intra-day, though not far off from its all-time high at $83.45 per share on Tuesday. Still, Q3 diluted EPS of $0.85 beats the $0.43 consensus estimate and is substantially higher than the $0.02 loss in Q3 of last year. However, Q3 crypto mining revenues of $51.7M misses the $67.4M estimate, surging from $835.2K in the same period a year ago. The cost of revenue of $10.3M in Q3 climbs nearly 10-fold from $1.64M in the year-ago quarter. Q3 total operating expenses of $116M soars from $2.83M in Q3 2020. Realized gain on sale of digital currencies were $8.2M, down from $11.21M in the year-ago quarter. Q3 interest income of $84.5M vs. $2.5M in Q3 2020. The company has a total of $64.4M held in digital currencies,

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