Core Scientific Shares Climb 19% After 1Q Revenue Jumps

By Chris Wack

Core Scientific Inc. shares were up 19% to $4.59 after the company reported its first-quarter revenue more than tripled, and its bitcoin mining was up more than 1,400%.

The blockchain data provider said its quarterly revenue was $192.5 million, compared to revenue of $54.2 million in the same quarter last year. Analysts polled by FactSet were looking for revenue of $200.3 million.

The revenue gain was driven primarily by increases in digital asset mining revenue and hosting revenue, partially offset by a decrease in equipment sales.

The company had a loss of $466.2 million, or $1.52 a share, for the quarter, compared to earnings of $6.8 million, or 4 cents a share, last year. Analysts were expecting earnings of $62.5 million, or 15 cents a share.

Core Scientific said its quarterly loss was driven by a noncash mark-to-market adjustment on convertible notes of $386 million and an impairment on digital assets of $54 million.

The company said its self-mining bitcoin production rose 1,400% to 3,202 bitcoins and it held 8,497 bitcoins at March 31.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

May 13, 2022 12:55 ET (16:55 GMT)

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