IREN (IREN.US) saw its shares drop sharply in early trading on Friday, falling approximately 8% at the time of writing, as the company's fiscal fourth-quarter earnings revealed a wider-than-expected loss and revenue that missed market estimates.

The company's fourth-quarter revenue declined sequentially to $137.2 million, falling short of the $153.2 million that analysts had anticipated.

Breaking down the results by segment, AI cloud services revenue climbed to $70.5 million from $33.6 million in the prior quarter. Conversely, Bitcoin mining revenue decreased to $66.7 million from $111.2 million in the previous quarter, slightly above the $65.6 million market forecast.

The net loss for the fourth quarter expanded to $684 million from $247.8 million in the prior quarter, reflecting the impact of writing off Bitcoin mining hardware that was phased out as the company converted its mining facilities to support the growth of its AI cloud operations.