Bitcoin Stock Canaan Up After Q1 Print, What's Going On?
Portfolio Pulse from Anusuya Lahiri
Canaan Inc (NASDAQ:CAN) reported a fiscal Q1 2024 revenue decline of 36.5% YoY to $35.09 million, beating the analyst consensus estimate of $30.10 million. The earnings per ADS loss of $(0.16) also beat the analyst consensus estimate loss of $(0.36). The stock price gained after the report. The company sold a total computing power of 3.4 million Thash/s and held $54.7 million in cash and equivalents as of March-end. Canaan's Bitcoin holdings surpassed 1,000 for the first time, reaching 1,057 Bitcoins. The company introduced new A1566 mining machines and maintained a revenue outlook of $70 million for Q2 2024. Canaan stock plunged 55% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total International Stock ETF (NASDAQ:VXUS) and iShares Core MSCI Emerging Markets ETF (NYSE:IEMG).
May 17, 2024 | 1:39 pm
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POSITIVE IMPACT
Canaan Inc reported better-than-expected Q1 2024 revenue and earnings, leading to a 1.10% increase in stock price. The company introduced new mining machines and surpassed 1,000 Bitcoins in holdings.
The better-than-expected revenue and earnings, along with the introduction of new products and increased Bitcoin holdings, positively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
iShares Core MSCI Emerging Markets ETF (NYSE:IEMG) provides exposure to Canaan Inc, which reported better-than-expected Q1 2024 results. This could have a minor positive impact on the ETF.
Canaan Inc's positive earnings report could have a minor positive impact on IEMG due to its exposure to the stock.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
Vanguard Total International Stock ETF (NASDAQ:VXUS) provides exposure to Canaan Inc, which reported better-than-expected Q1 2024 results. This could have a minor positive impact on the ETF.
Canaan Inc's positive earnings report could have a minor positive impact on VXUS due to its exposure to the stock.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30