Riot Blockchain Drops After Missing Q3 Revenue, Earnings Estimates

Posted on by American Coins & Gold

Riot Blockchain Drops After Missing Q3 Revenue, Earnings Estimates
Shares of Riot Blockchain (RIOT) were down almost 11% in early trading on Tuesday after the bitcoin miner’s third quarter revenue and earnings missed average analyst estimates, according to FactSet data.The bitcoin miner’s third quarter revenue was $64.8 million, compared to the consensus analyst estimate of $67.1 million. Earnings per share were a net loss of $0.16, while analysts expected a profit of $0.35.The net loss in the quarter was “significantly impacted” by non-cash stock-based compensation expense of $36 million and a non-cash, unrealized loss of $11.2 million on marketable equity securities, the company said in a statement.Riot’s mining revenue…