Canaan Q3 EPADSS $0.47 Up From $0.04 YoY, Sales $33.32M Beat $30.29M Estimate
Portfolio Pulse from Benzinga Newsdesk
Canaan Inc. (NASDAQ: CAN) reported a significant increase in Q3 earnings per share (EPS) at $0.47, up from $0.04 year-over-year (YoY), marking a 1075% increase. The company's sales for the quarter were $33.32 million, surpassing the analyst consensus estimate of $30.29 million by 10%. However, this represents a 77.11% decrease in sales compared to $145.54 million in the same period last year.
November 28, 2023 | 11:33 am
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Canaan Inc. reported a substantial increase in Q3 EPS to $0.47, up from $0.04 YoY, and sales that exceeded estimates, although there was a significant decrease in sales compared to the previous year.
The substantial increase in EPS is likely to be viewed positively by investors, indicating improved profitability. The sales beat may also contribute to a positive outlook, despite the YoY decrease in sales. The mixed results could lead to increased volatility in the short term, but the earnings beat is typically a strong positive driver for stock prices.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100