Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading lower Thursday amid overall market weakness as traders continue to digest Wednesday's Fed rate hike announcement.
The Federal Reserve raised rates by 50 basis points on Wednesday, its first rate hike of at least half a percentage point in more than 20 years. Stocks surged following the announcement, but have pulled back significantly on Thursday.
Marathon Digital reported first-quarter financial results after the market closed on Wednesday. The stock traded higher following the report, but has pulled back today amid a sharp decline in the price of Bitcoin (CRYPTO: BTC). Bitcoin was down 4.99% over a 24-hour period at last check.
Marathon Digital said first-quarter revenue increased 465% year-over-year to $51.72 million, which came in below the $54.27 million estimate, according to data from Benzinga Pro. The company reported a quarterly net loss of 13 cents per share, which was down from earnings of 87 cents per share year-over-year.
Marathon Digital said it increased its Bitcoin production by 556% compared to the prior year quarter.
"We believe 2022 will be transformational for Marathon as we are in the process of deploying nearly 200,000 miners and transitioning our operations to be 100% carbon neutral," said Fred Thiel, chairman and CEO of Marathon Digital.
MARA 52-Week Range: $15.05 - $83.45
The stock was down 9.68% at $16.04 at time of publication.
Photo: TamimTaban from Pixabay.
