US Stock Market Move | AI cloud revenue surge fails to mask painful transition; IREN (IREN.US) plummets about 8%.

On Friday, IREN (IREN.US) opened significantly lower, and as of this writing, it had dropped about 8%. In terms of news, IREN's losses unexpectedly widened in the fourth fiscal quarter, and revenue also fell short of market expectations. According to the financial report, IREN's revenue in the fourth fiscal quarter decreased to $137.2 million from the previous quarter, below the market expectation of $153.2 million. By business segment, AI cloud service revenue rose from $33.6 million in the previous quarter to $70.5 million; however, Bitcoin mining revenue dropped from $111.2 million in the previous quarter to $66.7 million, slightly above the market expectation of $65.6 million. The net loss for the fourth fiscal quarter widened from $247.8 million in the previous quarter to $684 million, reflecting the impact of phasing out Bitcoin mining hardware as the mining facilities were reconfigured to support growth in AI cloud services.