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Why Canaan's Stock Dropped 13.8% on Wednesday

TheMotleyFool

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Why Canaan's Stock Dropped 13.8% on Wednesday:

Shares of computing solution and Bitcoin (CRYPTO: BTC) mining supplier Canaan (NASDAQ: CAN) fell as much as 13.8% in trading on Wednesday after the company announced second-quarter 2021 financial results. Shares closed the day down 10.6%.

Management said revenue for the quarter ended June 30 was $167.5 million, up 507.3% from a year ago. Gross profit was $66.2 million and net income was $37.9 million, or $1.45 per share.

Image source: Getty Images.

Source Fool.com

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