Applied Digital Corp. Q2 Update – 15% Revenue Growth, 20% Income Increase

By Tamara Parker • Tuesday, June 25 15:24 • Permanent Link

Applied Digital Corporation has just released its investor update for June 2024, showcasing its performance over the period. The company's revenue has increased by 15% from the previous quarter, reaching $50 million. Additionally, its net income has seen a significant rise of 20% to $8 million.

Moreover, Applied Digital's user base has expanded by 10% to 100 million active users, indicating strong growth and market penetration. The company has also managed to reduce its operating expenses by 5% compared to the last period, demonstrating improved cost management.

In terms of product development, Applied Digital has successfully launched three new innovative solutions, contributing to its overall revenue growth. Furthermore, the company's cash reserves have surged by 25% to $20 million, providing a solid financial foundation for future investments and expansion.

Today the company's shares have moved 5.0% to a price of $6.38. If you want to know more, read the company's complete 8-K report here.

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