Why Canaan Shares Are Trading Lower Today
Portfolio Pulse from Anusuya Lahiri
Canaan Inc reported a Q1 FY23 revenue decline of 72.6% YoY to $55.2 million, missing the consensus of $62.1 million. Adjusted EPS loss of $0.43 missed the consensus loss of $0.21. Canaan expects Q2 revenue of $72 million vs. consensus of $77.4 million. CAN shares traded lower by 6.20% premarket.
May 26, 2023 | 1:14 pm
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Canaan Inc's Q1 FY23 revenue and EPS missed consensus estimates, and the company's Q2 revenue outlook is also below expectations. CAN shares traded lower by 6.20% premarket.
Canaan Inc's Q1 FY23 revenue and EPS missed consensus estimates, which indicates a weaker financial performance than expected. Additionally, the company's Q2 revenue outlook is below expectations, suggesting that the market may have overestimated Canaan's growth potential. This negative news is likely to cause a short-term decline in CAN's stock price, as investors adjust their expectations for the company's future performance.
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