Canaan Q1 Sales $35.091M Beat $30.100M Estimate
Portfolio Pulse from Benzinga Newsdesk
Canaan (NASDAQ:CAN) reported Q1 sales of $35.091 million, beating the analyst consensus estimate of $30.100 million by 16.58%. However, this represents a 36.47% decrease from the same period last year.
May 17, 2024 | 9:19 am
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Canaan reported Q1 sales of $35.091 million, surpassing the analyst estimate of $30.100 million by 16.58%. Despite this beat, sales are down 36.47% compared to the same period last year.
The positive earnings surprise is likely to boost short-term investor sentiment, leading to a potential increase in stock price. However, the significant year-over-year decline in sales may temper long-term enthusiasm.
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