Canaan Inc. (NASDAQ:CAN) stock fell Tuesday after the cryptocurrency mining hardware company reported mixed first-quarter results and issued second-quarter revenue guidance that came in well below Wall Street expectations.
First-Quarter Revenue And Earnings Weaken
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First-quarter revenue declined to $62.69 million from $82.8 million a year earlier, although it slightly topped analyst estimates of $61.35 million. The company reported a quarterly loss of 13 cents per share, wider than analysts' expectations for a loss of 7 cents per share.
Product revenue fell to $42.9 million from $58.3 million a year ago, primarily due to lower computing power sales. Mining revenue declined to $19.1 million from $24.3 million, mainly because of lower average Bitcoin (CRYPTO: BTC/USD) prices, partially offset by higher energized mining computing power.
