BRIEF: Canaan’s revenue leaps on strong gains for mining machine business
Bitcoin miner and mining machine maker Canaan Inc. (CAN.US) reported on Tuesday its revenue more than doubled in last year’s fourth quarter, as it continued to lose money due to rising costs.
The company reported revenue of $196.3 million for the final three months of last year, up from $88.8 million in the year-earlier period. Revenue from its mining machine business rose 124% year-on-year to $164.9 million, while its mining business revenue fell slightly to $30.4 million. The company reported a fourth-quarter net loss of $85 million, an improvement over its $92.9 million loss a year earlier.
Canaan’s stock fell 6.9% on Tuesday in New York after the results were announced. The stock is down 70% over the last 52 weeks.
By Doug YoungTo subscribe to Bamboo Works weekly free newsletter, click here
