Shares of Hut 8 Mining Corp (HUT) plummeted 5.07% in intraday trading on Thursday, despite the company reporting strong second-quarter results. The Bitcoin miner's stock took a hit after its revenue fell short of analysts' expectations, overshadowing its profitable quarter.

Hut 8 reported second-quarter revenue of $41.3 million, which missed the analyst consensus estimate of $51.2 million by 19.3%. However, the company swung to a profit, posting net income of $137.5 million or $1.18 per diluted share, compared to a loss in the same period last year. The adjusted EBITDA of $221.2 million significantly beat estimates of $33.2 million.

CEO Asher Genoot highlighted the company's strategic shift, stating, "We delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile." Genoot noted that nearly 90% of Hut 8's energy capacity is now under long-term contracts, up from less than 30% a year ago. Despite these positive developments, investors seemed to focus on the revenue miss, leading to the sharp decline in stock price.