BIT Mining Stock Sinks 8% After-Hours After Company Reports Deeper-Than-Expected Loss

Benzinga08-15

BIT Mining Ltd. (NASDAQ:BTCM) stock plunged 8% in Thursday's after-hours trading after the cryptocurrency mining company's half-yearly earnings disappointed investors.

BTCM shares are retreating from recent levels. Watch the momentum here.

Revenue Tanks 43%, Costs Shoot Up

The company reported a loss of $0.87 per American Depositary Share for the six months ending June 30, significantly wider than the $0.05 expected by analysts. Note that each American Depositary Share represents 100 Class A ordinary shares of the company.

The revenue tanked 43% year-over-year to $19.4 million, while operating costs and expenses rose 12%.

BIT Mining attributed the revenue loss primarily to increased difficulty in cryptocurrency mining activities and machine shutdowns caused by the drop in the value of Dogecoin (CRYPTO: DOGE) and Litecoin (CRYPTO: LTC) during April and May.

The firm reported holding cryptocurrency assets worth $3.6 million, including 7.3 BTC, 808 Ethereum (CRYPTO: ETH) and 1.8 million DOGE.

See Also: 180 Life Sciences Stock Slides After-Hours As Ethereum’s Decline Triggers Massive Sell-Off

Price Action: Bit Mining shares plummeted 8.01% in after-hours trading after closing 11.78% lower at $3.370. The stock was up nearly 30% in a week.

As of this writing, the stock ranked higher on the Momentum and Value indicators. Visit Benzinga Edge Stock Rankings to check how it compares with other cryptocurrency mining-related stocks.

Read Next:

Bit Digital Q2 Earnings: Revenue Miss, EPS Beat, Ethereum Strategy In Focus As Bitcoin Operations Wind Down

Shutterstock/CKA

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Watch the momentum here.</p>\n<h2>Revenue Tanks 43%, Costs Shoot Up</h2>\n<p>The company reported a loss of $0.87 per American Depositary Share for the six months ending June 30, significantly wider than the $0.05 expected by analysts. 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(NASDAQ:BTCM) stock plunged 8% in Thursday's after-hours trading after the cryptocurrency mining company's half-yearly earnings disappointed investors.\nBTCM shares are retreating from recent levels. Watch the momentum here.\nRevenue Tanks 43%, Costs Shoot Up\nThe company reported a loss of $0.87 per American Depositary Share for the six months ending June 30, significantly wider than the $0.05 expected by analysts. Note that each American Depositary Share represents 100 Class A ordinary shares of the company.\nThe revenue tanked 43% year-over-year to $19.4 million, while operating costs and expenses rose 12%. \nBIT Mining attributed the revenue loss primarily to increased difficulty in cryptocurrency mining activities and machine shutdowns caused by the drop in the value of Dogecoin (CRYPTO: DOGE) and Litecoin (CRYPTO: LTC) during April and May.\nThe firm reported holding cryptocurrency assets worth $3.6 million, including 7.3 BTC, 808 Ethereum (CRYPTO: ETH) and 1.8 million DOGE.\nSee Also: 180 Life Sciences Stock Slides After-Hours As Ethereum’s Decline Triggers Massive Sell-Off\nPrice Action: Bit Mining shares plummeted 8.01% in after-hours trading after closing 11.78% lower at $3.370. The stock was up nearly 30% in a week.\nAs of this writing, the stock ranked higher on the Momentum and Value indicators. Visit Benzinga Edge Stock Rankings to check how it compares with other cryptocurrency mining-related stocks.\n\nRead Next: \n\nBit Digital Q2 Earnings: Revenue Miss, EPS Beat, Ethereum Strategy In Focus As Bitcoin Operations Wind Down\n\nShutterstock/CKA","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport,express","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2559294994","isCrawlerRequest":true}