Stock Track | Canaan Inc. Soars 5.39% in Pre-Market on Strong Q3 Revenue and Crypto Rally

Stock Track11-21 17:05

Canaan Inc. (CAN), a leading provider of high-performance computing solutions for crypto mining, saw its stock surge 5.39% in pre-market trading on Thursday. This upward movement was driven by two key factors:

Firstly, Canaan reported impressive third-quarter 2024 financial results, with total revenue soaring 121% year-over-year to $73.6 million. The company's product revenue reached $64.58 million, fueled by strong sales volume, while its mining operations produced 147 Bitcoins, generating revenue of $9 million.

Additionally, Canaan's stock benefited from a broader rally in crypto-related stocks overnight. Major players like Marathon Digital and MicroStrategy saw substantial gains, as the overall crypto market experienced a bullish sentiment. This optimism was further fueled by Bitcoin's price surge to a new all-time high of $96,000.

Canaan's strong Q3 performance and the bullish crypto market sentiment contributed to the pre-market surge, signaling investors' confidence in the company's growth prospects and its positioning in the rapidly evolving crypto mining industry.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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