Shares of BitFuFu Inc. (NASDAQ: FUFU) plummeted 5.29% in pre-market trading on Friday following the release of its second quarter 2025 financial results. Despite reporting earnings that significantly exceeded analyst expectations, the company's revenue fell short of estimates and declined year-over-year, leading to a mixed market reaction.
BitFuFu reported earnings per share of $0.28 for the quarter, substantially beating the analyst consensus estimate of $0.05. This represents a 2700% increase from earnings of $0.01 per share in the same period last year. However, the company's quarterly revenue of $115.4 million missed analyst expectations of $123.7 million and declined 10.8% compared to $129.4 million in the second quarter of 2024.
The company's strong earnings performance was driven by a significant increase in net income, which rose to $47.1 million from $1.3 million in the same quarter last year. This included an unrealized fair value gain of $39.6 million due to the increase in Bitcoin prices. However, the revenue decline, particularly in the company's self-mining operations, appears to have overshadowed the positive earnings surprise for some investors, resulting in the stock's sharp drop.