Marathon Digital Beats Q3 Earnings Estimate, but Misses on Revenue

Marathon Digital Beats Q3 Earnings Estimate, but Misses on Revenue
Marathon Digital’s (MARA) third-quarter “non-GAAP net income” of $0.85 per share beat analysts’ average estimate of $0.43, while its revenue of $51.7 million missed the estimate of $67.4 million, according to FactSet.The company’s third-quarter revenue rose over 6,000% year-over-year, according to a statement.Marathon mined 1,252 bitcoin in the third quarter, which was a 91% increase from the previous quarter.At the end of the quarter, it held 7,035 bitcoin with a fair-market value of $307.6 million.The miner expects its previously purchased 130,000 mining machines to come online between now and the middle of 2022.Marathon noted that global supply-chain issues are affecting…