Why Canaan (CAN) Shares Are Trading Lower Today - Canaan (NASDAQ:CAN)

Canaan Inc CAN reported a first-quarter FY23 revenue decline of 72.6% year-on-year to $55.2 million, missing the consensus of $62.1 million.
Products revenue in the first quarter of 2023 was $44.1 million, compared to $196.9 million in 2022, mainly due to the lower total computing power sold and lower selling price resulting from the declined Bitcoin price.
Mining revenue in the first quarter of 2023 was $11.1 million, representing an increase of 130.2% from $4.8 million in 2022, mainly attributable to the increased computing power energized for mining.
Adjusted EPS loss of $0.43 missed the consensus loss of $0.21.
Total computing power sold was 4.2 million Thash/s, compared to 1.9 million Thash/s in the fourth quarter of 2022 and 4.3 million Thash/s in 2022.
Canaan held $72 million in cash and equivalents.
Canaan held 623 bitcoins on its balance sheet as of March 31.
Outlook: Canaan expects Q2 revenue of $72 million vs. consensus of $77.4 million.
Price Action: CAN shares traded lower by 6.20% at $2.42 premarket on the last check Friday.

Why Canaan Shares Are Trading Lower Today