IREN (IREN) earnings showed weaker-than-expected overall results, with the company missing consensus on both revenue and earnings per share (EPS) as it accelerates its transition from bitcoin mining to AI cloud.
Financially, second quarter revenue declined to $184.7 million, missing expectations and below the first quarter’s $240.3 million, while the company reported a net loss of $155.4 million, also below consensus.
IREN secured $3.6 billion of GPU financing for its contract with Microsoft which, along with a $1.9 billion customer upfront payment, is expected to cover about 95% of GPU-related capital expenditure.
Tech giant Amazon (AMZ) also missed expectations on earnings per share, but beat on revenue, according to investment.com. Investor attention was focused on management’s plan to spend around $200 billion on capital expenditures in 2026, primarily related to AI. Amazon shares are down 10%.
Pre-Market Update
Bitcoin rebounded from around $60,000 to $66,000, fueling a broad rally in cryptocurrency-exposed stocks. Strategy (MSTR), the largest publicly traded bitcoin holder, is up 7% in pre-market trading, reflecting a 7% gain for Galaxy (GLXY) and MARA Holdings (MARA), while Coinbase (COIN) is up 6%.
