Why Aurora Cannabis Shares Dropped Today
Canada-based cannabis producer Aurora Cannabis (NASDAQ: ACB) reported its fiscal 2022 fourth-quarter and full-year earnings Tuesday evening, and the market was not impressed. Shares of Aurora plunged by 12% in early trading Wednesday, and remained down by 6.8% as of 11:54 a.m. ET.
Analysts were surprised by the magnitudes of both Aurora's actual and adjusted losses. For the quarter, which ended June 30, its net loss was approximately $462 million, including a non-cash impairment charge of $377 million. Excluding that charge, the adjusted loss of $85 million was still worse than the $31.8 million loss expected by analysts, according to FactSet Research. The company's bottom line did improve from a $100 million loss in the prior-year period.
Source Fool.com
