TeraWulf Inc. (WULF) stock plummeted 5.14% in Thursday's pre-market session, as the cryptocurrency mining company grappled with escalating Bitcoin mining costs and disappointed investors with its worse-than-expected Q3 financial results.
The sharp decline in TeraWulf's shares came after the company reported a loss of $0.06 per share for the third quarter, wider than the consensus estimate of a $0.03 loss. Analysts cited rising Bitcoin mining costs as a major factor weighing on TeraWulf's profitability and financial performance.
Investor sentiment towards TeraWulf took a hit amid growing concerns over the company's ability to effectively manage the surging operational expenses associated with Bitcoin mining. The disappointing Q3 results and the prospect of further margin pressures fueled bearish sentiment, prompting a sell-off in the stock.
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