Seeking Alpha
2021-11-16 15:52:29

HIVE Blockchain stock dips even after topping Q2 revenue estimate

HIVE Blockchain (NASDAQ:HIVE) shares drift lower by 3.3% even after the company's fiscal Q2 2022 revenues come in better-than-expected. Perhaps Bitcoin's (BTC-USD) 5.5% decline has something to do with HIVE's stock price performance. The company now holds 1,116 BTC worth $48.4M and 25,154 Ethereum (ETH-USD) worth $74.7M. Revenue from digital currency mining of $52.6M beats the $44.5M consensus estimate, up 305% from the same period a year ago; primarily due to crypto price increases and more Bitcoin (BTC-USD) production. Gross mining margin as a percentage of income from crypto mining of 86% in Q2 rises from 71% in Q2 2020. Q2 EPS of 16 cents per share soars from three cents per share in Q2 of last year, driven by higher ETH and BTC prices, gains on the sale of cryptos and foreign exchange. Q2 adjusted EBITDA of $52.31M rises from $29.3M in the prior quarter. "I'm pleased to see our infrastructure investments of

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