Canaan Q2 2024 GAAP Earnings Per ADS $(0.15) Misses $(0.02) Estimate, Sales $71.86M Beat $51.90M Estimate
Portfolio Pulse from Benzinga Newsdesk
Canaan (NASDAQ:CAN) reported Q2 2024 earnings per ADS of $(0.15), missing the $(0.02) estimate by 650%. However, sales of $71.86M beat the $51.90M estimate by 38.45%, despite a 2.70% decrease from the same period last year.
August 15, 2024 | 9:35 am
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Canaan reported Q2 2024 earnings per ADS of $(0.15), missing the $(0.02) estimate by 650%. However, sales of $71.86M beat the $51.90M estimate by 38.45%, despite a 2.70% decrease from the same period last year.
The significant miss on earnings per ADS is likely to negatively impact the stock price in the short term, despite the positive sales performance. The market often reacts more strongly to earnings misses than to sales beats.
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IMPORTANCE 80
RELEVANCE 100