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    Asad Shaikh in News

    29 Feb 08:00 AM


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    Marathon Digital revenue surges 452% in Q4 amid ‘banner year’

    Company stock dipped slightly despite the bumper earnings report, though MARA has gained 300% over the past 12 months.
    United States Bitcoin mining giant Marathon Digital saw revenues surge in 2023 as it swung to a profit, however, company stock dipped following the release of its fourth-quarterly revenue report.

    Marathon Digital released its fourth-quarter and annual earnings report on Feb. 28, revealing that the firm made a record $387.5 million in revenue in 2023, increasing 229% from the previous year.

    “2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,” said Marathon CEO Fred Thiel.

    Fourth-quarter revenue increased 452% to $156.8 million, beating analyst estimates and rising significantly from $28.4 million in Q4 2022. Analysts had estimated a quarterly revenue of $148.8 million.

    Source - Coin Telegraph