Why Tilray Shares Shot Higher Today
Canadian cannabis company Tilray (NASDAQ: TLRY) reported a surprisingly large loss in its fiscal 2022 fourth quarter today, but shares jumped anyway. The stock was trading at the day's high, 10.3% above Wednesday's closing price as of 3:30 p.m. ET.
Tilray's $458 million net loss included a noncash impairment charge of $359 million, which masked a better quarter than it appeared at first glance. That helps explain why Tilray shares were down in the early morning pre-market, but spiked once investors had a chance to digest the full report. Revenue for the three-month period ended May 31 of $153.3 million increased 14.5% over the prior-year quarter on a constant currency basis, beating analyst expectations by about $2 million.
Source Fool.com
