Update
IREN Revenue Beats Estimates
IREN, a former Bitcoin miner, reported $228 million in revenue for the quarter, up 66% from the previous quarter. The company's AI cloud segment contributed $200 million, a 182% increase from the prior quarter. However, the company also reported a net loss of $263 million, mainly due to a delayed revenue target from its largest customer, Microsoft. The AI cloud segment's revenue target has been pushed out to at least January 2027, which is running late. The stock fell 18-20% on November 5, 2026, on reported delays linked to Microsoft.