What's Going On With Bitcoin-Related Stock Canaan?
Portfolio Pulse from Henry Khederian
Canaan Inc (NASDAQ:CAN) shares are trading lower by 4% to $0.83 ahead of its second-quarter earnings report, expected to show an EPS loss of 2 cents on revenue of $51.9 million. In the first quarter of 2024, Canaan reported a 36.5% year-over-year revenue decline to $35.09 million, surpassing analyst expectations. The company sold 3.4 million Thash/s of computing power and had $54.7 million in cash by the end of March, with Bitcoin holdings exceeding 1,000 for the first time.
August 14, 2024 | 4:13 pm
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Canaan Inc shares are down 4% ahead of its Q2 earnings report, which is expected to show an EPS loss of 2 cents on revenue of $51.9 million. The company's Q1 results showed a significant revenue decline but exceeded expectations.
The 4% drop in Canaan's share price ahead of its Q2 earnings report indicates investor concern. The expected EPS loss and revenue figures suggest potential short-term downside risk, especially given the significant revenue decline in Q1.
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