Bitdeer Technologies Group (BTDR), a leading cryptocurrency mining company, saw its shares plunge by 7.16% in pre-market trading on Friday, following a disappointing Q4 2024 earnings report and operational challenges.
The company's Q4 2024 earnings report revealed a substantial decline in sales and an increased net loss. According to the report, Bitdeer's sales for the quarter dropped to $69 million, marking a significant decrease from the $115 million reported in the same period the previous year. Furthermore, the company's net loss surged to $532 million, reflecting the operational challenges it faced during the quarter.
Bitdeer cited reduced Bitcoin mining activities and an executive reshuffle as key factors contributing to its poor performance. These developments, coupled with broader market uncertainties surrounding the technology sector, appear to have impacted investor confidence, resulting in the substantial pre-market plunge in the company's stock price.
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