IREN Stock Tumbles 17% Even as AI Cloud Revenue Nearly Triples. Here’s Why
Photo: CoinCentral
TLDR IREN stock closed at $18.03 on Nov. 5, down 17% from $21.71. Bitcoin mining revenue fell 58% to $28 million as the company winds down mining. AI cloud revenue rose 182% to $200 million, and total revenue hit $228 million. A Microsoft design change pushed the $4 billion ARR target to January 2027. IREN expects about $15 billion in capital spending in fiscal 2027. IREN (IREN) stock closed at $18.03 on Thursday, down nearly 17% from the prior close of $21.71. The drop came after the company’s earnings release and a broader sell-off in AI and tech names.
Source: CoinCentral
