July 24 (Reuters) - Applied Digital (APLD.O) forecast annual revenue above market estimates on Monday, as the rise of artificial intelligence drives up demand for its data center services, sending the company's shares 18% higher in early trading.
"We will accelerate our focus on non-crypto use cases and leverage capabilities of our next-generation proprietary data center assets for HPC applications," said CEO Wes Cummins.
The company expects annual revenue in the range of $385 million to $405 million, compared with analysts' average expectations of $308.8 million, according to Refinitiv data.
The company reported revenue of $22 million for the three months to May 31, compared with analysts' average estimate of $26.4 million.
Its loss per share was 7 cents, compared with 4 cents a year earlier.
Persons:
Wes Cummins, Jaspreet Singh, Shilpi Majumdar
Organizations:
Applied Digital, Thomson
Locations:
Bengaluru