Canopy Growth Stock Tanks on Huge Q2 Misses
Canopy Growth (NYSE: CGC) was hardly the marijuana stock of the moment on Thursday. The company's stock price dived by 14% on the day, following the release that morning of its Q2 of fiscal 2020 results.
Net revenue for the quarter was 76.6 million Canadian dollars ($57.8 million), down significantly from the Q1 tally of CA$90.5 million ($68.3 million) but well higher than the CA$23.3 million ($17.6 million) the company reaped in Q2 of fiscal 2019. Canopy Growth harvested 40,570 kilos of product, down from the 40,960 kilos of Q1 (year-ago result: 15,217 kilos).
On the bottom line, the company's net loss deepened. It came in at CA$374.6 million ($282.7 million), equating to CA$1.08 ($0.81) per share; the Q1 net loss for Canopy Growth was nearly $CA1.3 billion ($967 million), while in Q2 2019 the net loss was CA$330.6 million ($249.5 million).
Source Fool.com
