Why Canopy Growth Stock Is Skyrocketing Today
Shares of Canopy Growth (NYSE: CGC) rose sharply on Friday morning after the company announced its fiscal 2020 third-quarter results. The Canadian cannabis producer reported net revenue of 123.8 million Canadian dollars, up 49% year over year and 62% quarter over quarter. That handily beat analysts' consensus estimate of CA$105.4 million. Shares were trading 14.4% higher as of 10:38 a.m. EST.
Canopy also recorded an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of CA$91.7 million. This was a significant improvement from its adjusted EBITDA loss of CA$155.7 million in the second quarter. It also was much better than the average analysts' expectation for a loss of CA$110 million.
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Source Fool.com
