Online reported that Bitcoin mining hosting and cloud services company Applied Digital (APLD)'s share price fell 30% on Tuesday due to the company's quarterly earnings report falling short of analyst expectations by nearly 18%, and the trading price was about $3.90 in early trading. The company reported revenue of $52.9 million for the quarter. The company's cloud services division performed particularly poorly, with revenue falling sharply 36% month-on-month to $17.8 million from $27.7 million in the previous quarter. Applied Digital attributed the decline to the shift from single-tenant contracts to a multi-tenant, on-demand GPU model-a transition that faced technical challenges early on. The company's board of directors approved a plan to sell its Cloud Services business on April 10, aiming to refocuse its core HPC data center operations and may position itself as a real estate investment trust (REIT) in the future.