By Sabela Ojea


Shares of Cipher Mining dropped after the company reported lower-than-expected revenue in the latest quarter.

At 3:25 p.m. EDT on Tuesday, shares were down 14% to $3.86.

The developer and operator of bitcoin mining data centers posted a first-quarter net profit of $39.9 million, or 13 cents a share, compared with a loss of $4.6 million, or 2 cents a share, for the same period a year earlier.

Revenue jumped to $48.1 million from $21.9 million a year ago, but missed analysts expectations of $50.3 million, according to FactSet.


Write to Sabela Ojea at sabela.ojea@wsj.com


(END) Dow Jones Newswires

05-07-24 1550ET