Shares of Canopy Growth Corp. (CGC, WEED.TO) are losing more than 18 percent or $3.94 in Friday’s morning trade at $17.78 after the Canadian cannabis company’s fourth-quarter results missed analysts’ estimates. The stock has traded in a range of $9.00 to $44.17 in the past 52 weeks.
Friday, Canopy Growth reported fourth-quarter net loss of C$1.30 billion or C$3.72 per share, wider than net loss of C$379.52 million or C$1.10 per share in the year-ago period, primarily driven by impairment and restructuring charges. However, net revenue for the quarter rose to C$107.91 million from C$94.05 million last year.
Analysts expected loss of C$0.40 per share on revenues of C$130 million. Analysts’ estimates typically exclude special items.
Canopy Growth also withdrew its previously communicated outlook for achieving positive adjusted EBITDA and net income in fiscal 2021, citing the COVID-19 related uncertainties.
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