Canopy Growth Corp. (TSE: WEED) said on Tuesday that its revenue in the fiscal third quarter came in better than what analysts had anticipated. Its net loss, however, was broader than expected in Q3.
Canopy Growth Corp’s shares initially slid in premarket trading on Tuesday but recovered the loss later on. Including the price action, the stock is now trading at £31.73 per share. In comparison, it had plummeted to as low as £8.05 per share in March 2020 when the Coronavirus pandemic wreaked havoc on the global financial markets. Learn more about how do people make money on the stock market.
Canopy’s Q3 financial results versus analysts’ estimates
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Canopy said that its net loss in the third quarter printed at £472.12 million that translates to £1.38 per share. In the same quarter last year, its net loss was capped at a lower £62.42 million or 14.81 pence per share.
In the prior quarter (Q2), Canopy Growth Corp had seen a smaller than expected loss, as per the report published in November 2020.
The Cannabis company reported £86.85 million of revenue in the quarter that concluded on 31st December versus the year-ago figure of a lower £70.51 million. According to FactSet, experts had forecast the company to post £85.31 million of revenue in Q3. Their estimate for per-share loss stood at 18.22 pence per share.
Chief Financial Officer Mike Lee’s comments on Tuesday
CFO Mike Lee commented on the financial report on Tuesday and said:
“We are executing against our cost savings program, with several initiatives already completed and more underway to build a leaner and more agile business. These cost savings, along with our top-line growth and continued cost discipline, puts Canopy firmly on a path to achieve profitability during fiscal 2022, with further improvement anticipated beyond.”
In separate news from North American, S&P Global Inc. also reported its financial results for the fiscal fourth quarter on Tuesday.
The Canadian firm registered £56.38 million of net cannabis revenue in the recent quarter. Canopy’s quarterly growth was also attributed to robust S&B vapes sales. The Ontario-based company attributed its net quarterly loss primarily to impairment and restructuring charges.
Canopy Growth Corp performed fairly upbeat in the stock market last year with an annual gain of close to 25%. At the time of writing, the Cannabis based company has a market cap of £11.81 billion.
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