CORRECTION: Canaan Sees Q1 2024 Revenue $33M Vs $43.07M Est.; Sees Q2 2024 Revenue $70M
Portfolio Pulse from Benzinga Newsdesk
Canaan Inc. forecasts Q1 2024 revenue at $33M, below the estimated $43.07M, and anticipates Q2 2024 revenue to be $70M. The company attributes these projections to challenging market conditions, noting that these views are current and preliminary.
February 27, 2024 | 2:12 pm
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NEGATIVE IMPACT
Canaan Inc. expects lower-than-estimated revenue for Q1 2024 at $33M but anticipates a rebound in Q2 2024 with $70M in revenue, amid tough market conditions.
The lower-than-expected revenue forecast for Q1 2024 is likely to negatively impact investor sentiment and the stock price of Canaan Inc. in the short term. However, the anticipation of a significant revenue increase in Q2 2024 suggests a potential rebound, but the immediate reaction is expected to be negative due to the missed expectations for Q1.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100