US Stock Market Move | Canaan Inc. Sponsored ADR Class A (CAN.US) raised its Q4 revenue guidance, rising by nearly 11% in pre-market trading.

Canaan Inc. Sponsored ADR Class A (CAN.US) stated on Monday that it expects total revenue for the fourth quarter to be approximately $89 million, up from the previous guidance of $80 million. In addition, the company expects total losses to be between $6 million and $10 million, reflecting improved market demand and cost optimization. In February, Canaan Inc. Sponsored ADR Class A mined 82 bitcoins; in January, they mined 88 bitcoins, and in December, they mined 62 bitcoins. Following the announcement, as of the time of writing, the company's stock price rose 10.69% to $1.45 before the market opened on Monday. Nangeng Zhang, CEO of Canaan Inc. Sponsored ADR Class A, said: "Our joint mining partnership with Luna Squares is progressing as planned, and we expect to further deploy machines in March. These efforts have increased our end-of-month operational hash rate from 5.53 EH/s to 5.73 EH/s, and helped us increase our own cryptocurrency balance sheet to 1,355 bitcoins."