CGC Stock – Canopy Growth jumps 13% after reporting a smaller-than-expected quarterly loss (CGC)
Shares of Canadian cannabis company Canopy Growth Corp. surged as much as 13% to $18.79 per share on Monday after reporting a smaller quarterly loss than Wall Street analysts expected.
Here are the key numbers:
- Adjusted loss per share: 30 cents reported, versus 35 cents (expected)
- Revenue: $82.47 million (C$110.5 million), versus $84.17 million (C$112.3 million) (expected)
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Canopy Growth Corp. reported Monday that its net loss for its fiscal first quarter 2021, ending June 30, was $81.5 million, down from $139.34 million in the same period a year ago.
Revenue was 22% higher than in the same quarter last year, as growth in Canadian medical net revenue and international net revenue offset an 11% slump in Canadian recreational net revenue. Still, that fell short of Wall Street expectations for the quarter.
“Following our previously announced restructuring actions, we have substantially reduced our expense and cash burn in this quarter in addition to reducing headcount by over 18% since beginning of this calendar year,” said Chief Financial Officer Mike Lee in a statement.
Canopy Growth Corp. has shed roughly 11% year-to-date.
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