Bitdeer Technologies Group's stock plummeted 24.19% in pre-market trading on Tuesday, following the company's disappointing fourth-quarter 2024 financial results. The cryptocurrency mining firm reported a staggering net loss of $531.9 million for the quarter ended December 31, 2024, significantly wider than the $5.0 million loss in the same period last year.
The company's revenue also took a major hit, declining by 39.9% year-over-year to $69.0 million, missing analyst estimates of $72.8 million. Bitdeer's adjusted earnings per share of -$3.16 also missed the consensus estimate of -$0.21 loss, further amplifying investor concerns over the company's profitability.
While Bitdeer highlighted progress in developing its proprietary ASIC chips and expanding its global power capacity, these positive developments were overshadowed by the company's weak financial performance. Investors seem to have focused on the missed estimates and heavy losses, leading to a sharp sell-off in the stock during the pre-market session.
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