Why Investors Were High on Cronos Group Today
The market caught a nice buzz from Cronos Group (NASDAQ: CRON) on the second-to-last day of the trading week. The Canadian pot company unveiled its second-quarter results, and investors found them encouraging enough to send Cronos stock nearly 5% higher. By comparison, the benchmark S&P 500 index increased by 2.3%.
For its second quarter, Cronos -- which reports in U.S. dollars -- took in nearly $27.8 million in revenue, a figure almost 50% higher than the $19 million it earned in the same period of 2023. On a gloomier note, its headline net loss deepened by 55% to almost $8.8 million. That net loss was $0.02 on a per-share basis.
On average, analysts following Cronos were anticipating the marijuana company's revenue would be slightly more than $26 million. Those pundits expected breakeven on the bottom line, however.
Source Fool.com
