CAN - Canaan Misses Q2 Earnings Guides Q3 Revenue Significantly Below Consensus | Benzinga

Canaan Inc (NASDAQ: CAN) reported a Q2 FY23 revenue of $73.9 million, down from $245.9 million a year ago, missing the consensus of $77.26 million. 

Product revenue fell to $57.9 million from $238.1 million on lower selling price due to declining bitcoin price.

Mining revenue increased to a historic high of $15.9 million from $7.8 million the prior year, mainly led by increased computing power energized for mining.

Total computing power sold rose 11.7% Y/Y to 6.1 million Thash/s.

EPS of $(0.59) missed the Full story available on Benzinga.com