Tilray (NASDAQ:TLRY) earnings for the cannabis company’s second quarter of 2020 have TLRY stock taking a beating after-hours Monday. That’s due to its diluted losses per share of 65 cents missing Wall Street’s estimate of a 27-cent loss. Its revenue of $50.41 million also couldn’t reach analysts’ estimate of $55.02 million.
Now, let’s take a deeper dive into the most recent Tilray earnings report.
- Diluted per-share losses are 75.7% wider compared to a 37-cent loss from the same time last year.
- Revenue for the quarter comes in 9.8% higher than the $45.9 million reported in the second quarter of 2019.
- Operating loss of $75.82 million is 130% worse year-over-year from a loss of $32.96 million.
- The Tilray earnings report also has net loss coming in at $81.69 million.
- That’s a 125% increase in net loss from the $36.3 million reported in the same period of the year prior.
Brendan Kennedy, CEO of Tilray, said this about the earnings results.
“Since the beginning of 2020 we have taken bold and significant actions to position Tilray for future growth and success. We have focused on reducing costs, driving international revenue growth, mitigating COVID-19 related challenges, and improving our net loss and reported Adjusted EBITDA. Today’s results demonstrate significant progress in all these areas.”
Tilray doesn’t discuss guidance during its current earnings report. That likely has to do with the novel coronavirus. Many other companies are withholding outlooks during the pandemic.
TLRY stock was down 10.3% after-hours Thursday and closed out normal trading hours up 6.8%.
As of this writing, William White did not hold a position in any of the aforementioned securities.