Why SNDL Stock Got Investors High on Monday
The trading week started off nicely for Canadian marijuana company SNDL (NASDAQ: SNDL), which saw its share price inch marginally higher as the S&P 500 index slumped by nearly 1%. Investors were cheered by the company's latest set of quarterly results, which showed growth and a popular weed industry line item landing comfortably in the black.
Fueled by acquisitions, SNDL managed to boost its net revenue for the third quarter by more than 16-fold on a year-over-year basis to 230.5 million Canadian dollars ($173.8 million). Collectively, the analysts tracking the pot company were expecting the equivalent of just under $172 million.
The story was different on the bottom line, where SNDL flipped to a loss of CA$98.8 million ($74.5 million) from the year-ago profit of CA$16.7 million ($12.6 million). The company was notably impacted by noncash impairments, which amounted to CA$86.5 million ($65.2 million).
Source Fool.com
