Here's Why Tilray Stock Sank Monday
Tilray Brands (NASDAQ: TLRY) stock plunged as much as 10.5% Monday morning after the company released its fiscal 2023 second-quarter earnings report. The stock regained most of those losses after investors digested the report. But shares remain lower by 3.7% as of 11:35 a.m. ET.
Investors weren't happy when the Canadian cannabis company reported a quarterly loss and missed revenue estimates. While analysts expected Tilray to report a loss, the company's $0.06 loss missed estimates by a penny and marked a drop from breakeven in the prior-year period on an adjusted basis. Net revenue of $144.1 million also came up short of expectations. But once currency adjustments were considered, investor perception started to shift, bringing shares back from the early double-digit decline. After those adjustments, reported revenue of almost $158 million exceeded estimates calling for about $156 million.
Source Fool.com
