Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Applied Digital Corporation (NASDAQ: APLD) reported worse-than-expected third-quarter financial results on Thursday.
Revenue of $43.3 million, up 208% Y/Y, missed the consensus of $51.9 million. Adjusted loss of 24 cents per share, missed the consensus for a loss of 10 cents per share, according to data from Benzinga Pro.
Adjusted EBITDA loss came in at $(2.3) million compared to an adjusted EBITDA of $0.9 million in the prior year.
"During the quarter, Applied Digital encountered several challenges that impacted our financial performance due to facility power outages in our datacenter hosting business. Despite these short-term setbacks, we made significant progress with our key growth initiatives in the development of our Cloud Services business and the establishment of our special purpose built 100 MW HPC datacenter in Ellendale," stated Wes Cummins, Chairman and CEO of Applied Digital. "Other achievements included welcoming our newest Cloud Services customer, Together AI, and the strategic decision to divest our Garden City Facility."
Applied Digital shares fell 6% to trade at $2.8850 on Friday.
These analysts made changes to their price targets on Applied Digital following earnings announcement.
- Roth MKM cut the price target on Applied Digital from $13 to $8. Roth MKM analyst Darren Aftahi maintained a Buy rating.
- Lake Street slashed the price target on Applied Digital from $19 to $7. Lake Street analyst Rob Brown maintained a Buy rating.
Also Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q1 Earnings Report
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.