Intchains Reports Q3 Sales Of $938.00K, Sales Volume Of ASIC Chips Decline 70.3%
Portfolio Pulse from Benzinga Newsdesk
Intchains reported Q3 sales of $938.00K, a significant decline attributed to the challenging cryptocurrency market. The sales volume of ASIC chips, mainly used in cryptocurrency mining machines, decreased by 70.3%, along with a reduction in their average selling price.
November 16, 2023 | 11:06 pm
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Intchains, symbol ICG, reported a sharp decline in Q3 sales due to a decrease in both sales volume and average selling price of ASIC chips used in cryptocurrency mining.
The reported decline in sales is directly related to Intchains' primary product, ASIC chips for cryptocurrency mining. Given the current challenges in the cryptocurrency market, investors may expect a negative impact on ICG's stock price in the short term due to reduced demand and lower average selling prices.
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