Why Bitcoin-Related Stock Canaan Is Falling

Benzinga2021-09-16

Canaan Inc - ADR (NASDAQ:CAN) shares are trading lower by 13.8% at $7.92 after the company reported second-quarter earnings results and issued third-quarter guidance.

"Currently, we are fully aware of the industry-wide challenges, such as Bitcoin price fluctuation, wafer supply instability, regulatory uncertainties in different countries," said James Cheng, Chief Financial Officer of Canaan.

"Nevertheless, we remain confident in our effective growth strategies, technologically advanced products, solid operating capabilities, as well as the enormous potential of the industry," Cheng noted.

Canaan is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain.

Canaan has a 52-week high of $39.10 and a 52-week low of $1.81.

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Comments

9000M
2021-09-16
9000M
How does this explain why Canaan is falling
- JCKL488:
  It’s just the usual selling after profit reporting. Will come back up

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