Canopy Growth Earnings: CGC Stock Rises 10% on Improved Q1 Numbers

Canopy Growth (NYSE:CGC) earnings for the first quarter of fiscal year 2021 have CGC stock skyrocketing on Monday. This comes after reporting revenue of 110.42 million CAD and losses per share of 30 cents CAD for the period.

Indoors marijuana growing, planting cannabis, holding it in a hand (canopy cgc stock)
Source: Shutterstock

The following is a more thorough look at the most recent Canopy Growth earnings report.

  • Adjusted per-share losses were 44.4% better from a 54-cent CAD loss during Q1 2020.
  • Revenue for the quarter comes in 22% higher compared to 90.48 million CAD during the same time last year.
  • Operating losses of 172.38 million CAD are 19.7% improved year-over-year from a loss of 214.72 million CAD.
  • Canopy Growth’s earnings also include a net loss of 128.32 million CAD.
  • That is 33.9% better than a loss of 194.05 million CAD during the first quarter of fiscal 2020.

David Klein, chief executive officer of Canopy Growth, had this to say about the CGC stock earnings:

“We’re proud of our strong first-quarter performance, despite unprecedented volatility and uncertainty in the market and across the globe. We grew our revenue year-over-year and are seeing market share improvement, notably achieving number one market share in cannabis-infused beverages in the Canadian market.  We are implementing a renewed corporate strategy with the appointment of a new leadership team which will focus on delivering quality products to our consumers, positioning our business for continued growth.  The proposed retooled Acreage announcement refocuses our entry for the evolving U.S. market, where we are seeing increased momentum.”

Moreover, the company does not mention any sort of FY2021 guidance.

CGC stock was up 10% as of Monday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

 


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/canopy-growth-earnings-cgc-stock-rises-10-on-improved-q1-numbers/.

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