The pre-market for HIVE Blockchain Technologies Ltd. (HIVE) was slightly lower after the company reported third-quarter 2022 earnings. HIVE is trading at $2.56, down more than 3.7 percent from its closing price on Monday. The stock closed at $2.66 at the end of the last trading session. The stock volume traded in the last trading session was around 2.81 million shares. The current market cap of the company is around CAD 1.9 billion.
HIVE: Fiscal 2022 Q3 Highlights
- The revenue in the third quarter of fiscal 2022 was $68.2 million. The revenue increased by 397% compared to the same quarter last year.
- During the third quarter of 2022, net income was $64.2 million, compared to $17.2 million in the same period of the previous year. Improved performance in gross mining margin1, increased Ethereum and Bitcoin prices, and profits from digital currency sales were primarily responsible for the increase in profitability.
- HIVE’s third-quarter 2022 EPS was $0.17, up from $0.05 in the third quarter of 2021.
- At the end of 2021, the digital currency assets of HIVE were worth $168.1 million.
HIVE Executive Chairman’s remarks
Chairman Frank Holmes of the company said they are thankful to their loyal shareholders for trusting in their vision to mine Ethereum and Bitcoin for a strong cash flow return. The company’s result depicts its dedication towards its goal of mining the maximum number of cryptocurrencies.
Recent production updates
According to the recent news updates the company had a total of 2,043 Bitcoin and 25,404 Ethereum. The numbers have improved by a fair number last year in the same quarter the company around $13 million worth of bitcoin.
Conclusion
HIVE Blockchain Technologies Ltd. (HIVE) has announced incredible quarterly results. The company’s revenue increased mainly due to the increase in cryptocurrency rates. Their revenue has increased significantly compared to the last reported quarter. On Tuesday, February 15, 2022, at 8:30 a.m. Eastern Time, HIVE Blockchain Technologies Ltd. (HIVE) will announce its results on a webcast.
