U.S. Stock Movement | Applied Digital rises over 32% with Q1 revenue increasing by 84% year-on-year

On Friday, Applied Digital's stock price surged, rising over 32% to $38.80 as of the time of writing. In terms of news, the company's first-quarter revenue exceeded Wall Street expectations, although it still recorded a net loss, demonstrating strong growth momentum. For the quarter ending August 31, the company's revenue grew 84% year-over-year to $64.2 million, surpassing analysts' previous expectations of $50 million. The adjusted loss per share was 3 cents, better than the analysts' expected loss of 13 cents. From June to August, the company's data center hosting business generated revenue of $37.9 million. The cost of revenue for the quarter rose 144% to $55.6 million. The company stated that approximately $25 million of the costs were related to the construction of facilities and customer preparation for the high-performance computing hosting business segment