CleanSpark (NASDAQ: CLSK) stock surged over 30% on Friday following the release of stellar first-quarter earnings for fiscal year 2024.
CleanSpark (CLSK) has reported earnings of 14 cents per share in the first quarter, marking a 130.43% increase compared to the last year when they faced losses of 46 cents per share.
The company’s quarterly sales soared to $73.79 million, surpassing analyst estimates by 4.79%. This represents a 165.24% increase over last year’s sales of $27.82 million.
CleanSpark also mentioned that their current hashrate is now over 12.5 EH/s. This indicates the power of their computing systems for things like cryptocurrency mining.
Zach Bradford, the CEO of CleanSpark, expressed satisfaction with these results. He said that the performance in this quarter demonstrates what can be achieved when everyone works together towards a common goal.
He added,
“In a single quarter we have covered nearly half the distance to reach our total revenue from last year. We beat all consensus estimates across the board, including revenue, EPS, and profitability. This achievement is not just a number—it’s a reflection of our growing efficiency, our strategic acquisitions, and our deep commitment to smart growth.”
CleanSpark (NASDAQ: CLSK) Stock Reaction
CLSK stock soared 32.86% to close at $13.95 on Friday. The traders had exchanged hands with 89,061,922 (89.06 million) shares compared to the average daily trading volume of 25.76 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
