Applied Digital (NASDAQ:APLD) stock is falling on Friday following the release of the data center company’s earnings report for its fiscal third quarter of 2024.
The bad news for APLD stockholders starts with the company’s adjusted earnings per share of -24 cents. That’s much worse than the -7 cents per share that Wall Street was expecting. It’s also a significant setback compared to the -1 cent per share from the same period of the year prior.
Also not helping matters is Applied Digital’s revenue of $43.35 million in fiscal Q3 2024. That’s another miss next to analysts’ revenue estimate of $51.92 million, despite it increasing 208% year-over-year from $14.09 million.
Wes Cummins, chairman and CEO of Applied Digital, said this in the earnings report:
“During the quarter, Applied Digital encountered several challenges that impacted our financial performance due to facility power outages in our datacenter hosting business. Despite these short-term setbacks, we made significant progress with our key growth initiatives in the development of our Cloud Services business and the establishment of our special purpose built 100 MW HPC datacenter in Ellendale.”
APLD Stock Movement Today
Investors aren’t happy about these latest earnings results from Applied Digital. That has shares of APLD stock falling 5.5% as of Friday morning. That builds on a 55.9% decrease year-to-date as of Thursday’s close.
With today’s drop in price comes roughly 216,000 shares of APLD stock changing hands. That’s well below its daily average trading volume of about 3.5 million shares.
Investors will find even more of the most recent stock market news below!
We have all of the hottest stock market stories worth reading about on Friday! That includes what’s going on with shares of Motus GI (NASDAQ:MOTS) stock, Allarity Therapeutics (NASDAQ:ALLR) stock and PaxMedica (NASDAQ:PXMD) stock this morning. All of that info is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
