Stock Alert: Canaan Declines 20% Despite Narrower Quarterly Loss

Shares of bitcoin mining equipment maker Canaan Inc. (CAN) are down more than 20% Monday morning despite reporting narrower fourth-quarter loss.

Net loss in the fourth quarter narrowed to RMB72.0 million or $11.0 million from RMB798.2 million in the corresponding quarter last year.

Loss per ADS were RMB0.46 $0.07 in the fourth quarter compared with RMB5.34 a year ago.

Adjusted loss narrowed to RMB73.1 million $11.2 million from RMB750.5 million last year.

Revenues for the quarter decreased to RMB38.2 million or $5.9 million from RMB463.2 million in the same period a year ago.

Looking forward to the first-quarter, the company sees revenue to be not less than RMB400 million.

CAN, currently at $14.93, has been trading in the range of $1.76-$39.10 in the last 52 weeks.