Core Scientific, Inc. (CORZ) saw its shares plummet 7.00% during intraday trading on Tuesday, extending recent losses for the Bitcoin mining and data center company.

The sharp decline follows the company's latest earnings report, which revealed a net loss of $347.2 million, primarily driven by $266.5 million in non-cash asset impairments. While gross profit surged 267% year-over-year to $30.1 million, the overall results fell short of market expectations, continuing to weigh on investor sentiment.

Additional pressure came from broader sector weakness, with peers in the application software space also trading lower. The stock's brief recovery momentum earlier in May proved unsustainable as selling pressure persisted amid the disappointing financial performance.