IREN (IREN) reported weaker-than-expected earnings, with the company missing consensus on revenue and earnings per share (EPS) as it accelerates its transition from Bitcoin mining to an artificial intelligence cloud.
Financially, second-quarter revenue fell below expectations to $184.7 million, down from $240.3 million in the first quarter, while the company reported a net loss of $155.4 million, also below expectations.
IREN secured $3.6 billion in GPU financing for its Microsoft contract, which, combined with $1.9 billion in customer upfront payments, is expected to cover approximately 95% of GPU-related capital expenditures.
Tech giant Amazon (AMZ) also reported lower earnings per share than expected, but revenue beat expectations, according to investing.com. Investors’ focus turned to management’s plans to spend about $200 billion in capital expenditures in 2026, mostly related to artificial intelligence. Amazon shares fell 10%.
Pre-launch update
Bitcoin rebounded from around $60,000 to $66,000, driving a broad rally in cryptocurrency stocks. Strategy (MSTR), Bitcoin’s largest publicly traded holder, is up 7% in pre-market trading, matching Galaxy (GLXY) and MARA Holdings (MARA)’s 7% gains, while Coinbase (COIN) is up 6%.
