Why IREN Limited Rallied Almost 40% in May
Shares of AI neocloud IREN Limited (NASDAQ: IREN) rallied 39.6% in May, according to data from S&P Global Market Intelligence.
May was a very active month for IREN, which included third-quarter earnings, a new formal partnership with Nvidia (NASDAQ: NVDA), and a couple of acquisitions. Coming off a stock price downturn amid concerns over higher interest rates during the prior month, the positive developments catapulted IREN's stock in May.
On May 5, IREN reported third-quarter results, with revenue declining 21.6% to $144.8 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 20% quarter-over-quarter to $59.5 million.
Source Fool.com
