Before the US market opened on November 4th (ET), MARA Holdings reported its Q3 results:
- Revenue rose 92% year-over-year to $252 million.
- Net profit swung from a loss of $124.8 million in Q3 2024 to a profit of $123 million.
- Bitcoin holdings increased 98% year-over-year, reaching 26,747 BTC by the end of Q3 2024, with total holdings rising to 52,850 BTC.
The company successfully turned a profit compared to the year-ago period’s $124.8 million loss, but the earnings did not impress investors. MARA’s stock closed down 5.9% at $16.36. Despite the improvement in profitability, the market had expected even stronger results given MARA’s operating scale.
While revenue rose 92% year-over-year to $252 million, it still missed market estimates by $3.3 million. Earnings per share increased to $0.27, but fell 40% short of the expected $0.45.