Get Quartz in your inbox

Free daily briefing on global business news.

Applied Digital revenue surged 322% in fiscal first quarter, topping analyst estimates

The AI data center company posted $341.9 million in revenue, far above the $116.3 million analysts had expected

A data center campus in Washington state. Spending on data-center construction in the U.S. eclipsed $50 billion in April for the first time, according to Census Bureau figures. (David Ryder/Bloomberg via Getty Images)

Applied Digital reported fiscal first-quarter revenue of $341.9 million on Wednesday, a 322% increase from the prior year period, as its AI data center buildout began generating significant rental and services income.

The company posted an adjusted loss of one cent per share for the quarter ended August 31. Wall Street had expected revenue of $116.3 million and an adjusted loss of 29 cents per share,........

© Quartz