Applied Digital Corporation (NASDAQ:APLD) shares are trading higher Monday. The company reported financial results for the fiscal fourth quarter and full year ended May 31, 2023 before markets opened on Monday.
What To Know:
Applied Digital released the company’s fourth quarter and full year 2023 financial results which highlighted fourth quarter revenue of $22 million which missed the analyst consensus estimate of $29.57 million by 25.60 percent, but is a marked increase of 192.44% over sales of $7.52 million for the same period last year. The company also reported a fourth quarter adjusted loss per share of less than $0.01 which beat the analyst consensus estimate of $(0.04) by 75%.
“We ended the fiscal year with significant momentum. We successfully energized our Ellendale next-generation data center facility and launched our AI Cloud Service to provide high-performance computing power for AI applications,” said Applied Digital CEO Wes Cummins.
Shares of APLD are moving higher on above-average trading volume. According to Benzinga Pro, more than 10.5 million shares have been traded in the session, compared to the stock’s 100-day average of 6.58 million shares.
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APLD Price Action: According to data from Benzinga Pro, Applied Digital shares are trading 23.4% higher at $9.52 at the time of publication.
Image: Tumisu from Pixabay
