Riot Blockchain Inc (NASDAQ:RIOT) is trading lower Tuesday after the company announced third-quarter earnings results that were down from last year.
Riot Blockchain reported a quarterly earnings loss of 16 cents per share, which was down from a loss of 4 cents per share year-over-year. The company reported quarterly revenue of $40.6 million, which was up from $2.46 million year-over-year.
“Riot’s technology-focused, vertically integrated strategy significantly de-risks the Company’s future growth plans,” said Jason Les, CEO of Riot Blockchain.
Les continued, “Additionally, it enhances future capital efficiencies as technological improvements, such as industrial-scale immersion technologies, are systematically incorporated into future hash rate deployments. With these strengths of Riot at play, the future financial opportunities for the Company are exciting.”
Riot Blockchain is focused on building, supporting and operating blockchain technologies.
RIOT Price Action: Riot Blockchain has traded as high as $79.50 and as low as $3.59 over a 52-week period.
The stock was down 11.90% at $37.10 at time of publication.
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