Rakuten on May 17
Canaan Technology (NASDAQ: CAN) today reported revenue of US$35.1 million in the first quarter of 2024, down 36% from US$55.2 million in the same period last year and down 28.5% from US$49.1 million in the previous quarter.
Canaan's costs for the first quarter of 2024 were US$72.4 million, down 29.7% from US$103 million in the year-ago quarter.
Canaan's gross loss for the first quarter of 2024 was US$37.3 million, compared to a gross loss of US$47.55 million in the same period last year and a gross loss of US$54.07 million in the previous quarter.
Canaan's operating loss for the first quarter of 2024 was US$68.05 million, compared to an operating loss of US$85.67 million in the same period last year and an operating loss of US$93.27 million in the previous quarter.
Canaan's net loss for the first quarter of 2024 was US$39.39 million, compared to a net loss of US$84.37 million in the same period last year and a net loss of US$139 million in the previous quarter.
Canaan expects revenue of $70 million for the second quarter of 2024. Revenue for the third quarter of 2024 is expected to be $70 million.
As of now, Canaan shares are trading at $1.17 and have a market capitalization of $371 million.
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