Canaan (CAN), which specializes in hardware for bitcoin mining, reported a 237% year-over-year increase in revenue to $213.9 million.
- The one analyst quoted on Yahoo Finance had forecast $27.37 million.
- The Beijing-based company's net income climbed to $69.7 million, or 50 cents a share, compared with the analyst's estimate of 6 cents.
- "Looking ahead, while we are aware of short-term headwinds, we are confident that our extensive experience, increasingly globalized operations and execution capabilities put us in a solid position to weather the current period of uncertainty," said CEO Nangeng Zhang.
- As of March 31, the company held 166.96 Bitcoins on its balance sheet.
- The company's shares rose 11% to $3.14 in premarket trading.