Cipher Mining Inc.'s stock plummeted 6.08% during the trading session on Monday, as the cryptocurrency mining company faced significant selling pressure.
The sharp decline was primarily driven by the company's recently reported first-quarter earnings, which missed market expectations on both revenue and earnings per share. Cipher Mining posted a Q1 EPS loss of $0.28, worse than the consensus estimate of a $0.22 loss, while revenue of $34.838 million fell short of the expected $36.009 million and represented a 28.84% year-over-year decline.
The earnings disappointment triggered profit-taking among investors, with the selling pressure compounded by broader weakness across the cryptocurrency mining sector. Sector peer IREN Ltd also experienced significant declines during the same session, reflecting industry headwinds that further weighed on Cipher Mining's share price.
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