The COVID-19 outbreak, which originated in China, was already trending downward there by February, before the pandemic in the US and much of the rest of the world had yet spiked. That helps explains why Canaan’s April-through-June earnings seem just fine. Quarter-over-quarter net revenue was up 160.9% to $25.2 million.
CFO Quanfu Hong said, “Looking ahead, we will continue to invest in those areas that can strengthen our product offerings, streamline our operations, and solidify our market leadership.”