TeraWulf Inc. (WULF) shares plummeted 12.15% during Friday afternoon trading following the release of disappointing fourth-quarter earnings results.
The bitcoin mining company reported a 40% decline in digital asset revenue to $26.1 million due to lower bitcoin production and prices, missing Wall Street's forecast of $32.3 million. The company's high-performance computing lease revenue also fell short of analyst expectations.
TeraWulf's full-year results showed a significantly widened net loss of $661.4 million compared to $72.4 million a year earlier, with full-year revenue of $168.5 million coming in below the $177.7 million that analysts were anticipating.
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