IREN (IREN) earnings showed weaker than expected overall results, with the company lacking consensus on revenue and earnings per share (EPS) as it accelerates its transition from Bitcoin mining to AI Cloud.
Financially, second-quarter revenue declined to $184.7 million, below expectations and down from $240.3 million in the first quarter, while the company reported a net loss of $155.4 million, also below consensus.
IREN has secured $3.6 billion in GPU funding for its Microsoft contract which, with a customer prepayment of $1.9 billion, is expected to cover approximately 95% of GPU-related investments.
Tech giant Amazon (AMZ) also missed EPS expectations but beat revenue, according to investing.com. Investor attention has shifted to management’s plan to spend around $200 billion on investments in 2026, mostly related to AI. Amazon shares are down 10%.
Pre-market update
Bitcoin rebounded from around $60,000 to $66,000, leading to a broad rally in crypto-exposed stocks. Strategy (MSTR), the largest publicly traded bitcoin holder, rose 7% in premarket trading, reflecting a 7% gain for Galaxy (GLXY) and MARA Holdings (MARA), while Coinbase (COIN) rose 6%.
