Bitcoin Miner Riot Posts Mixed Q2 Earnings Report, Sees Growing Consolidation in Industry

📆 10/08/2023 07:11:00
📰 CoinDesk

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Riot Platforms reported mixed results in its Q2 earnings release on Wednesday and said it expects to benefit from growing consolidation in the bitcoin mining industry in 2023. $RIOT By NelWang

Riot Platforms , one of the largest publicly-traded bitcoin miners, reported mixed earnings in its second-quarter earnings release on Wednesday. The miner reported an adjusted earnings per share loss of $0.17, beating FactSet consensus analyst estimates for a loss of $0.20 per share, but revenue came in $76.7 million, short of analyst estimates of $84.6 million.

Shares of Riot were falling 1.4% to $16.12 in after-hours trading on Wednesday. Riot shares are up more than 383% this year, having benefited from the strong performance of bitcoin. The company noted in its filing that it expects to benefit from growing consolidation in the bitcoin mining industry this year.

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