Business & Finance
Neocloud firm IREN tops quarterly revenue estimates, shares jump
Key Points
Neocloud firm IREN tops quarterly revenue estimates, shares jump Nov 5 : IREN beat quarterly revenue estimates on Thursday, driven by strong growth in its AI cloud business, sending its shares up more than 9 per cent in extended trading. Companies such as Iren are building energy-intensive data centers they can eventually rent out to firms developing and running AI models. AI cloud revenue for the first quarter rose to $200 million, from $71 million in the prior three months.
Neocloud firm IREN tops quarterly revenue estimates, shares jump
Nov 5 : IREN beat quarterly revenue estimates on Thursday, driven by strong growth in its AI cloud business, sending its shares up more than 9 per cent in extended trading.
Companies such as Iren are building energy-intensive data centers they can eventually rent out to firms developing and running AI models.
AI cloud revenue for the first quarter rose to $200 million, from $71 million in the prior three months.
The company said its target of more than $4 billion in annualized run-rate revenue was fully contracted and funded, with the capacity now expected to become operational by the end of January, later than its previous year-end target.
The company said its assets and revenue are supported by contracts with Nvidia, Microsoft and 13 other customers, with roughly two-thirds of its revenue backlog tied to investment-grade counterparties.
Total revenue rose to $228 million in the quarter ended September 30, compared with analysts' average estimate of $221.28 million, according to data compiled by LSEG.