Why Applied Digital Stock Is Plummeting Today
Applied Digital (NASDAQ: APLD) stock is seeing huge sell-offs Tuesday following the company's recent quarterly report. The data-center specialist's share price was down 28.7% as of 11:30 a.m. ET.
After the market closed yesterday, Applied Digital published results for the third quarter of its current fiscal year, which ended Feb. 28. While the company posted a smaller-than-anticipated loss in the period, sales came in far below the market's expectations.
Applied Digital reported a non-GAAP (generally accepted accounting principles) adjusted loss of $0.08 per share on sales of $52.9 million in fiscal Q3. For comparison, the average analyst estimate had expected the business to post a loss of $0.10 per share on revenue of roughly $62.9 million.
Source Fool.com
