Bitfarms Ltd (NASDAQ:BITF) shares are trading lower by 7.00% at $1.89. The company reported first-quarter earnings results Monday morning.
Bitfarms reported quarterly earnings of 2 cents per share. This is an increase over losses of 6 cents per share from the same period last year. The company reported $40.33 million in sales this quarter, an increase of $28.43 million in the same period last year.
Bitfarms says financial results in first-quarter 2022 were substantially impacted by the decline in the market price of BTC during the quarter as compared to fourth-quarter 2021.
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Bitfarms owns and operates blockchain farms that power the global decentralized financial economy. It provides computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
According to data from Benzinga Pro, Bitfarms has a 52-week high of $9.36 and a 52-week low of $1.68.
