Core Scientific turns lower after Q4 results disappoint
Core Scientific's Q4 revenue missed estimates, leading to a stock drop as the company focuses on expanding its colocation services.Summary
Core Scientific (CORZ), a bitcoin mining and digital infrastructure company, reported disappointing fourth-quarter results, with revenue of $79.8 million missing consensus forecasts of $122.08 million, and posting a loss of $0.42 per share against expectations of a $0.08 loss. These weaker results come as the industry grapples with the impact of the April 2024 bitcoin halving and rising operational costs. In response, Core Scientific is accelerating its strategy to shift beyond pure self-mining toward hosting and colocation services for high-performance computing and AI workloads. CEO Adam Sullivan highlighted progress on their 1.5 gigawatt colocation pipeline, including a new 430-megawatt expansion in Texas and 300 megawatts added elsewhere. Following the report, CORZ shares fell 4.5% in after-hours trading. In contrast, Riot Platforms (RIOT) reported strong Q4 revenue of $647.4 million, significantly beating analyst expectations, though its shares remained flat after hours.
(Source：CoinDesk)