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Applied Digital Stock Surges 30% on Strong Earnings and CoreWeave Lease Deal
Applied Digital Stock Surges 30% on Strong Earnings and CoreWeave Lease Deal
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BTCCSquare news:
Applied Digital (APLD) shares soared 30% in pre-market trading after reporting a narrower-than-expected quarterly loss and securing a full-capacity lease agreement with AI cloud infrastructure provider CoreWeave. The company posted an adjusted loss of $0.03 per share, significantly outperforming Wall Street's $0.16 loss forecast, while revenue hit $64.2 million against $50 million expectations.
The new 150-megawatt lease at Applied Digital's Polaris Forge 1 campus in North Dakota marks a strategic milestone, locking in multi-year revenue visibility. Demand for AI and cloud compute power continues to drive utilization rates across the company's infrastructure portfolio, reflecting broader sector tailwinds.
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