RTTNews | Sep 15, 2021 11:00AM EDT

10:59 Wednesday, September 15, 2021 (RTTNews.com) - Shares of computing solutions provider Canaan Inc. (CAN) are down 13 percent on Wednesday's trading despite the company turning to profit in the second quarter, helped by higher revenues.

The company posted net income of RMB 245.0 million or $37.9 million in the second quarter, compared to net loss of RMB16.8 million in the same period last year. On a per ADS basis, net earnings was RMB1.40 or $0.22, compared to net loss of RMB0.11 in the year-ago quarter.

Excluding items, income was RMB320.1 million or $49.6 million, compared to loss of RMB16.0 million in the prior-year quarter.

Second quarter revenues soared 507 percent to RMB1.08 billion or $167.5 million from RMB178 million in the comparable quarter last year.

Currently at $7.98, the stock has traded between $1.81 and $39.10 during the past 52 weeks.

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