Aurora Cannabis (NYSE:ACB) reported its latest quarterly earnings results late today, bringing in a loss that was wider than expected and wider than it was a year ago, while revenue grew considerably, yet this amount was below Wall Street’s expectations.
The Canada-based marijuana business announced that for its third quarter of its fiscal 2019, it brought in losses of C$160.1 million, or 16 cents per share, which was eight times as wide as the company’s year-ago losses of C$20 million, or 4 cents per share. Analysts were calling for the company to amass adjusted losses of 5 cents per share, according to data compiled by FactSet.
Aurora Cannabis added that it brought in gross revenue of C$75.2 million for the period, 367% higher than the company’s loss of C$16.1 million from the year-ago quarter. After excluding excise taxes paid to the Canadian government, the company posted net revenue of C$65.2 million.
The Wall Street consensus estimate called for the business to bring in net revenue of C$67.6 million. For its fourth quarter of the fiscal year, analysts predict adjusted losses of 3 cents per share and net revenue of C$119.4 million. Aurora Cannabis added that it los C$77.6 million from operations, more than double its amount from the year-ago period.
ACB stock is up roughly 3.6% following the company’s quarterly earnings results. Shares then fell about 2% after the bell.