Why Canopy Growth Stock Is Crashing Today
Shares of Canopy Growth (NYSE: CGC) were crashing 18.5% lower as of 10:01 a.m. EDT on Friday. The steep drop came after the Canadian cannabis producer announced its fiscal 2020 fourth-quarter and full-year results before the market opened.
Canopy's net revenue in Q4 fell 13% from the previous quarter to 107.9 million Canadian dollars. The company posted a huge net loss of CA$1.3 billion, or CA$3.72 per share. Analysts were expecting Q4 revenue of CA$128.9 million and a net loss per share of CA$0.59.
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Source Fool.com
