IREN Ltd (NASDAQ: IREN) shares plummeted 6.77% in intraday trading on Thursday, following the release of its disappointing first-quarter 2025 earnings report. The Bitcoin mining company's results fell short of analyst expectations, despite showing significant year-over-year growth.

For the quarter ended March 31, IREN reported adjusted earnings of $0.11 per share, missing the consensus estimate of $0.14 by 21.43%. While this represented a 42.86% increase from the same period last year, it wasn't enough to satisfy investors. Revenue surged 172.5% year-over-year to $148.10 million, but still fell short of the expected $159.37 million by 7.07%.

Despite the sell-off, Wall Street maintains a generally bullish outlook on IREN. The stock has an average "Buy" rating, with a mean price target of $18.11 according to analysts polled by FactSet. Notably, Macquarie adjusted its price target for Iris Energy to $20 from $15.50, while maintaining an Outperform rating. However, the earnings miss has clearly shaken investor confidence in the short term, leading to today's significant drop in share price.