Canopy Growth's Q3 Earnings: 3 Things to Love and Hate
Canopy Growth (NYSE: CGC) may not be the most popular pot stock in the world, but it's undoubtedly an industry trendsetter as the largest marijuana stock by market cap. That's what made its fiscal third-quarter earnings release on Friday, Feb. 14, a must-see for Wall Street and cannabis stock investors.
Just a week prior to releasing its Q3 report, Wall Street was looking for 104.2 million Canadian dollars in revenue ($78.7 million U.S.) and a loss of CA$0.38 per share. But despite pessimism persisting in the cannabis space, Canopy Growth blew past these projections. Net sales, after accounting for excise taxes, surged to CA$123.8 million from an adjustment-laden CA$76.6 million in the sequential second quarter. Meanwhile, Canopy's per-share loss of CA$0.35 was a bit narrower than expected.
In some ways, the fiscal third quarter delivered exactly what Wall Street and investors needed to see. But in other respects, it was more of the same from money-losing Canopy. Let's take a closer look at three things you should absolutely love and hate about the recently ended quarter.
Source Fool.com
