Why Tilray Brands Stock Fell 16.7% This Week
Shares of Tilray (NASDAQ: TLRY) are down 16.7% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence, after the cannabis products and alcoholic beverage company announced mixed quarterly results relative to analysts' expectations.
For its second quarter of fiscal year 2024, which ended Nov. 30, 2023, Tilray's revenue grew 34% year over year to $193.8 million, slightly below Wall Street's estimates for $195 million. On the bottom line, that translated to a non-GAAP (adjusted) net loss of $2.7 million, or roughly breakeven on a per-share basis, which handily beat expectations for a loss of $0.06 per share.
Within its top line, Cannabis revenue grew 35% to $67 million, beverage alcohol revenue climbed 117% to $47 million (helped in part by recent acquisitions), and distribution net revenue rose 12% to $67 million.
Source Fool.com
