Canopy Growth (NYSE:CGC) news for Monday includes results from the cannabis company’s fiscal second quarter of 2021 boosting CGC stock up. That’s thanks to its diluted losses per share of 9 cents and net revenue of 135.3 million CAD. Both of these are better than Wall Street’s estimates of 37 cents per share and revenue of 118.1 million CAD.
Here’s what else investors need to know about the most recent Canopy Growth news.
- Diluted per-share earnings are worse than its diluted earnings per share of 25 cents from the same time last year.
- Net revenue for the quarter is sitting 77% higher than the 76.6 million CAD reported in fiscal Q2 2020.
- Operating loss of 284.27 million CAD is 5% wider year-over-year than 270.84 million CAD.
- The Canopy Growth earnings report also has its net loss coming in at 96.55 million CAD.
- That’s much worse than its net income of 242.65 million CAD from the same period of the year prior.
Mike Lee, CFO of Canopy Growth, said this about the news.
“We saw another quarter of improvement in our operating expense ratio while our marketing and R&D investments are being re-directed to drive sales. Importantly, our end-to-end review has identified cost savings opportunities in the range of $150-$200 million across cost of goods sold, general and administrative expenses, and inventory, and efforts are underway to quickly capture value.”
While its earnings are nothing to dismiss, it’s also worth noting this isn’t the only news boosting Canopy Growth stock today. The ongoing U.S. elections are also a boon to its stock. The current projection has former Vice President Joe Biden winning and that could be good for marijuana companies wanting to expand their business in the U.S.
CGC stock was up 7.6% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.