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Why Aurora Cannabis Stock Plunged Today

TheMotleyFool

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Shares of Aurora Cannabis (NYSE: ACB) sank more than 12% on Tuesday, following a worrisome earnings release from a rival marijuana producer.

Pot company Tilray (NASDAQ: TLRY) reported first-quarter losses that were far larger than Wall Street's forecasts. Revenue climbed 126% year over year to $52.1 million, driven by a 165% rise in adult-use cannabis sales and a 221% surge in medical cannabis sales in international markets. But its net loss ballooned to $184.1 million, or $1.73 per share, versus a loss of $29.4 million, or $0.31 per share, in the year-ago period. Analysts had expected a net loss of only $0.44 per share.

Shares of Aurora Cannabis fell sharply on Tuesday. Image source: Getty Images.

Source Fool.com

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