MARA Digital Inc (NASDAQ:MARA) shares are trading lower after the company reported worse-than-expected first-quarter sales results.
Earnings Snapshot
Revenue fell 18% year over year (Y/Y) to $174.6 million, missing analyst estimates of $179.15 million, according to Benzinga Pro.
The decline was mainly driven by an 18% drop in average Bitcoin prices, which reduced revenue by about $33.1 million. Lower production contributed another $2.5 million decline, while a $3.7 million decrease in other revenue reflected reduced digital asset and hosting income compared to the prior year.
The company produced 2,247 BTC at an average price of $76,288 and sold 20,880 BTC at $70,137. Total blocks won declined slightly to 653.
The company reported a record energized hashrate of 72.2 EH/s, …
