IREN Ltd (NASDAQ: IREN) shares tumbled 5.02% in pre-market trading on Thursday following the release of its 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 mixed results, IREN Ltd has shown resilience in the volatile cryptocurrency market. The company's shares had risen by 33.3% in the previous quarter, although they remain down 17.3% year-to-date. Wall Street maintains a bullish outlook on IREN, with a median 12-month price target of $21.38 and the majority of analysts rating the stock as a "buy" or "strong buy". However, the earnings miss has clearly shaken investor confidence in the short term, leading to the pre-market sell-off.