Shares in Canaan jumped 20% on Tuesday as the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year. Shares in Canaan surged on Tuesday after the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year, driven by a high demand for equipment as multiple miners saw revenues increase.Canaan said on Tuesday that its total Q3 revenues increased 104% from last year to $150.5 million due to a “substantial volume of new orders,” with its mining equipment revenues making up the lion’s share at $118.6 million.James Jin Cheng, the miner’s chief financial officer, said in the company’s earnings call that a large number of sales came from clients in the US, who “started actively placing sizable and repeating orders.”Read more Shares in Canaan jumped 20% on Tuesday as the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year. Shares in Canaan surged on Tuesday after the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year, driven by a high demand for equipment as multiple miners saw revenues increase.Canaan said on Tuesday that its total Q3 revenues increased 104% from last year to $150.5 million due to a “substantial volume of new orders,” with its mining equipment revenues making up the lion’s share at $118.6 million.James Jin Cheng, the miner’s chief financial officer, said in the company’s earnings call that a large number of sales came from clients in the US, who “started actively placing sizable and repeating orders.”Read more
Canaan stock surges as Q3 revenue doubles on Bitcoin miner demand
Shares in Canaan jumped 20% on Tuesday as the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year.
Shares in Canaan surged on Tuesday after the Bitcoin mining hardware maker reported its third-quarter revenues doubled from last year, driven by a high demand for equipment as multiple miners saw revenues increase.
Canaan said on Tuesday that its total Q3 revenues increased 104% from last year to $150.5 million due to a “substantial volume of new orders,” with its mining equipment revenues making up the lion’s share at $118.6 million.
James Jin Cheng, the miner’s chief financial officer, said in the company’s earnings call that a large number of sales came from clients in the US, who “started actively placing sizable and repeating orders.”
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