How did CANF's Q3 2023 earnings surprise investors?

Can-Fite Biopharma (CANF) experienced a significant decline in its stock price following the release of Q3 2023 earnings, with a decrease of 2.65% to $1.47. The company's financial performance in Q3 2023 was disappointing, with an estimated revenue of $100,000 and a net income of -$1.76 million. The diluted EPS for the quarter was not provided, but the estimated EPS was -$0.44, indicating a substantial loss for the period.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|CANF|CANF.A|Can-fite Biopharma|2022 Q4|197000|-3019000||170|
|CANF|CANF.A|Can-fite Biopharma|2023 Q1|196000|-2550000|0|170|
|CANF|CANF.A|Can-fite Biopharma|2023 Q2|196000|-1670000||170|
|CANF|CANF.A|Can-fite Biopharma|2023 Q3|196000|-1762000||170|

The negative surprise to investors can be attributed to the significant revenue shortfall and the substantial net loss for the quarter. The company's financial performance did not meet the expectations of investors, leading to a negative sentiment surrounding the stock.