Why Cipher Digital Stock Plummeted 30.6% Last Month But Is Rebounding in September
Yahoo Finance ·
Cipher Digital ( CIFR +14.43% ) reported its second-quarter results at the beginning of last month, kicking off a big pullback for the stock. The company's share price fell 30.6% in the month, according to data from S&P Global Market Intelligence . Cipher published its Q2 report on Aug. 4 and posted sales and earnings for the period that were below Wall Street's forecasts. While the company's share price saw a substantial pullback following softer-than-expected Q2 results, the stock has rebounded this month on news of new data-center development. Cipher is a company that's in the process of shifting its focus from Bitcoin mining to data center services to support demand related to artificial intelligence . The company announced with its Q2 report that it was ahead of schedule with its Black Pearl computing center and had started delivering data center capacity to its hyperscaler customer at the beginning of August. Cipher said it was two months ahead of schedule on that front. On the other hand, investors saw problem points in the company's Q2 results. Cipher posted a loss of $0.65 per share in the second quarter. For comparison, the average Wall Street analyst estimate had called for a loss of only $0.40 per share in the period. Meanwhile, revenue of $24.84 million missed the average analyst estimate by roughly $6.9 million. Sales and earnings results for the second quarter spurred a substantial pullback in Cipher stock last month, but its share price has recovered significantly in September.
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