HIVE Digital Technologies (HIVE) Reports Q1 Loss, Tops Revenue Estimates

Core Viewpoint - HIVE Digital Technologies reported a quarterly loss of $0.08 per share, aligning with the Zacks Consensus Estimate, and showing improvement from a loss of$0.18 per share a year ago [1] - The company achieved revenues of $32.24 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1.23$23.57 million year-over-year [2] Financial Performance - The company has surpassed consensus EPS estimates two times over the last four quarters [1] - HIVE Digital Technologies has also topped consensus revenue estimates two times in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of$28.3 million, and for the current fiscal year, it is -$0.36 on revenues of$127.2 million [7] Market Performance - HIVE Digital Technologies shares have declined approximately 36.4% since the beginning of the year, contrasting with the S&P 500's gain of 12% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Industry Outlook - The Financial - Miscellaneous Services industry, to which HIVE belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact HIVE's stock performance [5]