Why Canaan Stock Is Up After Earnings Results
Shares of Canaan (NASDAQ: CAN) were up on Tuesday after the company reported financial results for the first quarter of 2021. The company manufactures equipment for mining Bitcoin and mining activity has been on the rise. Because of this, business results are back on track for Canaan, exciting investors. As of 10:45 a.m. EDT, the stock was up 10%.
Canaan had previously told investors that orders had picked up. But not many orders had been delivered prior to Q1. Now as orders are being delivered, revenue is soaring. In Q1, the company generated about $68 million in revenue. That's up almost six times from the same quarter last year and up over 10 times from revenue generated just last quarter.
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Source Fool.com
