SOS Limited Shares Climb on Higher Revenue, Pivot Away From Crypto
By Katherine HamiltonSOS Limited shares rose after the company reported a jump in revenue and said it was reallocating some resources away from its cryptocurrency mining business.The stock soared 36% to $2.65 in after-hours trading Friday. Through the close shares have lost 71% of their value this year.Revenue for the six-months ended June 30 was $89.6 million, up from $60.5 million in the same period a year earlier, the company said. Commodity trading revenue was $85 million, up from $55.5 million in the year-ago period.The increase in revenue was primarily due to higher sales of natural rubber, as the Chinese economy has continued to recover in the past six months and boosting demand, the company said.SOS also said it is reallocating its resources from its cryptocurrency mining business to a higher growth segment due to the lack of output from that business. It plans to shut down its internal Bitcoin mining operations to prioritize and expand its third-party mining hosting services, which have shown stronger demand.Write to Katherine Hamilton at [email protected]