Mining-Rig Maker Canaan Q1 Revenue More Than Triples

Mining-Rig Maker Canaan Q1 Revenue More Than Triples
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Mining-Rig Maker Canaan Q1 Revenue More Than Triples

Supercomputing solutions company Canaan (CAN), which specializes in bitcoin mining hardware, said revenue surged 237% from the year-earlier quarter to $213.9 million.

  • The one analyst cited on Yahoo Finance had forecast $27.37 million.
  • Net income at the Beijing-based company climbed to $69.7 million or 50 cents a share, compared with the analyst’s estimate of 6 cents.
  • “Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty,” said CEO Nangeng Zhang.
  • The company held 166.96 bitcoins on its balance sheet as of March 31.
  • Shares of the company rose about 11% to $3.14 in premarket trading.
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Mining-Rig Maker Canaan Q1 Revenue More Than TriplesBTC$29,375.57

1.46%

Mining-Rig Maker Canaan Q1 Revenue More Than TriplesETH$1,953.76

3.76%

Mining-Rig Maker Canaan Q1 Revenue More Than TriplesXRP$0.407423

4.47%

Mining-Rig Maker Canaan Q1 Revenue More Than TriplesSOL$50.60

6.47%

Mining-Rig Maker Canaan Q1 Revenue More Than TriplesCRO$0.188788

3.50%


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