US Stock Market Move | Applied Digital (APLD.US) rose more than 32% in Q1, with a year-on-year revenue growth of 84%.

On Friday, Applied Digital (APLD.US) stock price soared, as of the time of writing, the stock rose over 32% to $38.8 per share. On the news front, the company reported that its first-quarter revenue exceeded Wall Street expectations, despite still recording a net loss, showing strong growth momentum. In the quarter ending on August 31, the company's revenue increased by 84% year-on-year, reaching $64.2 million, higher than analysts' previous expectations of $50 million. Adjusted loss per share was 3 cents, better than the expected loss of 13 cents per share. In the period from June to August, the company's data center hosting business segment generated $37.9 million in revenue. Quarterly revenue costs increased by 144% to $55.6 million. The company stated that around $25 million of the costs were related to facility construction and customer preparation work for the high-performance computing hosting business segment.