10 Firms Lead Rally on Impressive Q1 Earnings, Optimistic Outlooks

8. Riot Platforms, Inc. (NASDAQ:RIOT)

Riot Platforms snapped a four-day losing streak on Thursday, adding 7.32 percent to finish at $7.77 apiece following the release of mixed earnings performance in the past quarter of the year.

In a statement, Riot Platforms, Inc. (NASDAQ:RIOT) said it swung to a net loss of $296 million in the first quarter of the year from a $212 million net income in the same period a year earlier.

Revenues, however, more-than-doubled to $161.4 million from $79.3 million year-on-year driven by a $71.5-million increase in Bitcoin mining revenue which totaled to $142.9 million, due to higher average bitcoin prices and an increase in operational hash rate, partially offset by the block subsidy ‘halving’ event and an increase in average global network hash rate.

As of end-March, Riot Platforms, Inc. (NASDAQ:RIOT) was able to produce 1,530 Bitcoins, as compared to 1,364 during the same period last year.