$MARA Holdings (MARA.US)$ fell 6% after posting its Q3 earnings after the market closed Tuesday that came in at a loss 'below' estimates- the firm lost more than analysts had expected them too.
The bitcoin mining firm said that, for the three months ending September 30, it lost 42C/share, a greater loss than nine analysts tracked by Yahoo Finance had predicted, with an average estimate of 25C. The firm pulled in $131M in revenue, below the $151M estimated by the same analysts, and pulled out with a total $172.22M loss for the quarter.
In the past year, the firm said it gained $74M from the climbing price of bitcoin but lost $41M after the April 2024 halving event that cut the supply the firm gains essentially in half. MARA said it printed 22.5BTC a day in the past quarter, compared to 37.9 last year in the same quarter, and overall 1,420 less BTC than in the same quarter last year.
The firm said it grew its mining capacity to win blocks by 14%, otherwise it would have pulled in half as many bitcoins. The firm has pulled in $666M in the past nine months by selling at the market stock sales.
