Aurora Cannabis (NYSE:ACB) earnings for the marijuana company’s fiscal second quarter of 2020 have ACB stock ticking higher on Thursday. This comes after reporting losses per share of -1.18 CAD, which is much worse than Wall Street’s estimate of -8 cents per share. Revenue of 56.03 million CAD also comes in below analysts’ estimate of 60.5 million CAD.
Here’s what else is worth mentioning from the most recent Aurora Cannabis earnings report.
- Adjusted per-share losses are 372% wider than the -25 cents in the fiscal second quarter of 2019.
- Revenue for the quarter comes in 3.42% higher than the 54.18 million CAD from the same period of the year prior.
- Operating loss -229.62 million CAD is 72.71% worse YoY than -132.95 million CAD.
- The Aurora Cannabis earnings report also has net loss coming in at about -$1.31 billion CAD.
- That’s a massive 644.94% increase in net loss from the -239.64 CAD million from the same time last year.
Michael Singer, Executive Chairman and interim CEO of Aurora Cannabis, says this about the Q2 ACB stock earnings.
“Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions. As announced last week, being a profitable cannabis company for our investors is the singular near-term focus for Aurora and we have begun to implement a business transformation plan where we intend to manage the business with a high degree of fiscal discipline.”
The Aurora Cannabis earnings report doesn’t include the best outlook. The company says that it is expecting to continue to face short-term headwinds that will affect its revenue. Nevertheless, it is saying it still expects to see growth over the long term.
ACB stock ended the day up about 1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.