Why Canaan Stock Crept Higher Today
The crypto winter might still be upon us, but Canaan (NASDAQ: CAN) had a bit of heat under it on Thursday. Following the release of the Bitcoin (CRYPTO: BTC) mining equipment maker's latest quarterly results, investors sent its share price nearly 1% higher on the day.
China-based Canaan's second-quarter figures showed that it earned revenue of just over 1.65 billion yuan ($243 million), for a very healthy year-over-year rise of 53%.That was on the back of an almost 28% rise to 5.5 million Thash/s of total computing power sold -- a key metric for the company.
Net income based on generally accepted accounting principles (GAAP) ballooned by nearly 150% across that stretch, rising to slightly under $90 million, or $3.47 per share.
Source Fool.com
