Riot Platforms (RIOT) Shares Climb as Q3 Earnings Beat Estimates on Record Revenue

Riot Platforms (RIOT) reported a surprising profit for the third quarter, leading to a 5% rise in its shares during pre-market trading. The company announced a net income of $104.5 million, equating to 26 cents per diluted share, a stark contrast to the $154.4 million loss recorded in the same period last year. Analysts were expecting a loss of 12 cents per share. Revenue surged to $180.2 million, more than doubling year-on-year, predominantly driven by a $93 million increase in bitcoin mining revenue, with the company mining 1,406 bitcoins at an average cost of $46,324 each. Riot also unveiled a new development of 112 megawatts at its Corsicana, Texas data center campus, emphasizing its growth strategy as a diversified data center operator. The CEO highlighted that these advancements are crucial for leveraging Riot's land and power resources effectively. As of September 30, Riot held 19,287 bitcoins, valued at approximately $2.2 billion, of which 3,300 are held as collateral.

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