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Canaan Reports $5.6M Loss In Q1 Despite Cutting Prices By Over 50%
Summary: Canaan, the bitcoin miner manufacturing giant, has reported a net loss of $5.6 million for Q1 2020, despite dropping the prices of its hardware by more than half in an attempt to increase sales. According to an earnings report released on Friday, the firm claimed it generated $9.4 million in revenue for the first three months ...
Canaan, the bitcoin miner manufacturing giant, has reported a net loss of $5.6 million for Q1 2020, despite dropping the prices of its hardware by more than half in an attempt to increase sales.
According to an earnings report released on Friday, the firm claimed it generated $9.4 million in revenue for the first three months this year with a increase of 44.6% compared to the same period last year. However, it also suffered $9.3 million and $5.9 million worth of expenses in cost of goods sold and R&D.
By Ramsey Baker
Tags: Bitcoin Mining,Canaan,net loss
Link: Canaan Reports $5.6M Loss In Q1 Despite Cutting Prices By Over 50% [Copy]
