Shares of Core Scientific, Inc. (CORZ) plummeted 5.32% on Friday during intraday trading following the release of the company's full-year 2024 financial results. The results showed a significant widening of losses compared to the previous year, missing analysts' expectations.
For the fiscal year 2024, Core Scientific reported revenue of $510.7 million, up a modest 1.6% year-over-year. However, the company posted a staggering net loss of $1.32 billion, a 434% increase from the previous year's loss. Earnings per share came in at a loss of $5.14, deteriorating further from the $0.65 loss per share in fiscal 2023.
The massive net loss and disappointing earnings figures were the likely culprits behind the sharp sell-off in CORZ shares on Friday. Despite projections for stronger revenue growth of around 25% annually over the next three years, investors were clearly rattled by the company's inability to stem its losses and meet earnings expectations for the full year.
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