What's Going On With Applied Digital Stock?

Applied Digital Corporation APLD shares are trading higher Monday. The company reported financial results for the fiscal fourth quarter and full year ended May 31, 2023 before markets opened on Monday.

What To Know:

Applied Digital released the company's fourth quarter and full year 2023 financial results which highlighted fourth quarter revenue of $22 million which missed the analyst consensus estimate of $29.57 million by 25.60 percent, but is a marked increase of 192.44% over sales of $7.52 million for the same period last year. The company also reported a fourth quarter adjusted loss per share of less than $0.01 which beat the analyst consensus estimate of $(0.04) by 75%.

"We ended the fiscal year with significant momentum. We successfully energized our Ellendale next-generation data center facility and launched our AI Cloud Service to provide high-performance computing power for AI applications," said Applied Digital CEO Wes Cummins.

Shares of APLD are moving higher on above-average trading volume. According to Benzinga Pro, more than 10.5 million shares have been traded in the session, compared to the stock's 100-day average of 6.58 million shares.

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APLD Price Action: According to data from Benzinga Pro, Applied Digital shares are trading 23.4% higher at $9.52 at the time of publication.

Image: Tumisu from Pixabay