Here's Why Tilray Stock Soared Wednesday Morning
Shares of Canadian marijuana company Tilray (NASDAQ: TLRY) soared in early trading Wednesday after it reported earnings for its fiscal 2021 fourth quarter, which ended May 31. As of 11:15 a.m. EDT, shares were 22% above Tuesday's closing price. The report was the first provided to investors since Tilray merged with rival Aphria.
The big news from its fiscal fourth-quarter earnings release was just that -- earnings. Tilray said it had net income of $33.6 million, compared to a loss of $84.3 million in the year-ago period. It also said it produced $3.3 million in positive free cash flow. According to FactSet, analysts had predicted a net loss of $0.12 per share, and the stock's move higher reflects how much investors' appreciate the $0.18 per share profit that was reported instead.
Source Fool.com
