Why Bitcoin And Ethereum-Related Stock Applied Digital Is Moving After Hours - Applied Digital (NASDAQ:APLD)

Applied Digital Corp APLD shares are moving in Monday’s after-hours session after the company reported better-than-expected financial results.

What Happened: Applied Digital, formerly known as Applied Blockchain, reported fiscal second-quarter revenue of $12.3 million, beating average analyst estimates of $12.2 million, according to Benzinga Pro. The company reported a quarterly adjusted net loss of 4 cents per share, which beat estimates for a loss of 6 cents per share.

Applied Digital said it opened a 100-Megawatt facility in North Dakota during the quarter. The facility is operating at full capacity.

“Our fiscal second quarter was characterized by growth and adaptability, as we operated our Jamestown facility at full capacity for the entirety of the quarter while simultaneously growing our non-cryptocurrency opportunity set. Following our corporate name change, we secured our first two non-cryptocurrency customers,” said Wes Cummins, chairman and CEO of Applied Digital.

The cryptocurrency market surged on Monday, led by gains in Bitcoin BTC/USD and Ethereum ETH/USD. At last check, Bitcoin was up 1.59%, while Ethereum was up more than 4%.

Applied Digital will host a conference call at 5 p.m. ET to discuss its results. The company designs, develops and operates next-generation datacenters across North America, providing digital infrastructure solutions to the rapidly growing high-performance computing industry.

APLD Price Action: Applied Digital shares closed Monday up 11.8% at $2.08. Shares are volatile after hours.

Photo: Jievani Weerasinghe from Pixabay.