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Bitfarms Ltd. Reports Q1 Loss, Lags Revenue Estimates

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Bitfarms Ltd. (NASDAQ: BITF) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.06, delivering a surprise of -50%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Bitfarms, which belongs to the Zacks Technology Services industry, posted revenues of $50.32 million for the quarter ended March 2024, missing the Zacks Consensus Estimate by 0.39%. This compares to year-ago revenues of $30.05 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the …

Full story available on Benzinga.com

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