Canaan Inc reports results for the quarter ended March 31 - Earnings Summary

• Canaan Inc reported a quarterly adjusted loss of 14 cents​​ per share for the quarter ended March 31, higher than the same quarter last year, when the company reported EPS of -27 cents. The mean expectation of six analysts for the quarter was for a loss of 6 cents per share. Wall Street expected results to range from -7 cents to -3 cents per share.

• Revenue fell 24.3% to $31.86 million from a year ago; analysts expected $40.92 million.

• Canaan Inc's reported EPS for the quarter was a loss of 14 cents​.

• The company reported a quarterly loss of $97.61 million.

• Canaan Inc shares had risen by 25.4% this quarter and lost 47.8% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had risen by about 55.6% in the last three months.​

• In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy," 1 "hold" and no "sell" or "strong sell." The average consensus recommendation for the blockchain & cryptocurrency peer group is also "buy"

• Wall Street's median 12-month price target for Canaan Inc is $1.50, about 76% above its last closing price of $0.36

This summary was machine generated from LSEG data September 8 at 03:41 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)