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IREN and Amazon experience declines in earnings; bitcoin-related stocks recover in pre-market trading.
Earnings shortfalls impact AI-related technology, while sentiment in crypto improves following bitcoin’s recovery.
Mining, Bitcoin miners, fans (Michal Bednarek/Shutterstock)
Key points:
- IREN and Amazon both fell short of expectations regarding revenue and EPS, negatively affecting share values.
- Bitcoin has recovered from approximately $60,000 to $66,000, boosting crypto-related stocks in pre-market trading, with Strategy, Galaxy, and MARA Holdings rising by 7%, while Coinbase increased by 6%.
IREN (IREN) reported earnings that were below anticipated levels, missing the consensus for both revenue and earnings per share (EPS) as it accelerates its shift from bitcoin mining to AI Cloud.
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In financial terms, Q2 revenue decreased to $184.7 million, falling short of expectations and down from $240.3 million in Q1, while the company indicated a net loss of $155.4 million, also below consensus.
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IREN obtained $3.6 billion in GPU financing for its Microsoft agreement, which, alongside a $1.9 billion customer prepayment, is anticipated to cover nearly 95% of GPU-related capital expenditures.
Tech giant Amazon (AMZ) also fell short of EPS expectations but exceeded revenue forecasts, according to investing.com. Investor attention shifted to management’s strategy to allocate around $200 billion for capex in 2026, mainly for AI initiatives. Amazon shares have decreased by 10%.
Pre-market update
Bitcoin has bounced back from roughly $60,000 to $66,000, prompting a widespread rally among crypto-related stocks. Strategy (MSTR), the largest publicly traded bitcoin holder, saw a 7% increase in pre-market trading, mirroring a 7% rise for Galaxy (GLXY) and MARA Holdings (MARA), while Coinbase (COIN) grew by 6%.
