Applied Digital shares fall after power outage dings results

By Ben Glickman

Shares of Applied Digital (APLD) fell after the company's revenue missed estimates following a power outage.

The stock was down 7.5% to $2.84 in after-hours trading Thursday, following a 2.7% rise at the close. Shares are down 54% since the start of the year.

The Dallas-based digital infrastructure company's revenue more than tripled from a year earlier to $43.3 million. Still, that fell short of the $49.9 million expected by analysts polled by FactSet.

Applied Digital posted a loss of $62.8 million, or 52 cents a share, in the quarter ended Feb. 29, compared with a loss of $7 million, or seven cents a share, a year earlier.

The company reported in February it had experienced a power outage at its Ellendale, N.D., data-center hosting site. The company expected the outage to materially affect revenue for the fiscal quarter.

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04-11-24 1858ET

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