Canaan Misses Q2 Earnings, Guides Q3 Revenue Significantly Below Consensus
Portfolio Pulse from Lekha Gupta
Canaan Inc reported Q2 FY23 revenue of $73.9 million, down from $245.9 million a year ago, missing the consensus of $77.26 million. Product revenue fell due to declining bitcoin price, while mining revenue increased to a historic high. The company held 1,125 bitcoins with a total carrying value of $28.8 million. For Q3, the company expects revenues of about $30 million, significantly below the consensus of $115.25 million. Despite the disappointing earnings, CAN shares are trading higher by 5.18%.
August 29, 2023 | 4:08 pm
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Canaan Inc reported lower than expected Q2 earnings and guided Q3 revenue significantly below consensus. Despite this, the stock is trading higher.
Canaan Inc reported lower than expected Q2 earnings and guided Q3 revenue significantly below consensus, which would typically lead to a decrease in stock price. However, the stock is trading higher, possibly due to other factors not mentioned in the article.
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