Canopy Growth Q3 revenue beats expectations
Canopy Growth Corp has reported it’s third-quarter earnings after the extended session late Thursday, showing that it beat revenue expectations.
Canopy Growth Corp reported better than expected third-quarter earnings late on Thursday, beating revenue expectations.
According to Canopy Growth Corporation, it reported a net income of $74.9 million, including changes in fair values of financial liabilities included in other Income.
The cannabis company reported fiscal third-quarter net losses of $121 million at $0.38 a share, comparing from a year ago.
Canopy’s fiscal third-quarter showed a net income of $67.6 million, while revenue rose to $83.1 million from $9.8 million in the previous year.
Canopy said it sold 10,102 kilograms of cannabis and equivalents during the fiscal third-quarter. Analysts estimated losses of $0.11 a share with revenue of $81.1 million, before tax.
Analysts' adjusted losses for the fiscal fourth quarter were at $0.19 a share with revenue of $118.3 million.
Canopy Growth Company share price
Canopy Growth Corporation closed higher by 0.2% on Thursday to $46.12.
Canopy stock has more than doubled in the past year but Canopy Growth shares fell 2% ahead of the release.
Cannabis stocks traded lower on Thursday in anticipation of the results, as investors were still factoring in the latest legislative moves to help develop the sector while awaiting afternoon earnings from Canopy.
The legislative changes comes after the congressional hearing on banking for cannabis companies began in Congress on Wednesday, pushing for industry reforms to further develop the cannabis sector.
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