Why Canopy Growth Stock Is Tanking Today
Shares of Canopy Growth (NASDAQ: CGC) were tanking 15.7% as of 11:10 a.m. ET on Friday. The big drop came after the Canadian cannabis producer announced its fiscal 2022 fourth-quarter and full-year results before the market open.
Net revenue in its fiscal fourth quarter was 111.8 million in Canadian dollars ($87.3 million), a 25% year-over-year decline. The company posted a net loss in the quarter of CA$579 million, or CA$1.46 per share. Analysts surveyed by Refinitiv were expecting fiscal fourth-quarter revenue of CA$129 million and a loss of CA$0.31 per share.
Management tried to focus on the positives in Canopy's latest quarterly update. It highlighted that the company maintained its No. 1 position in the Canadian premium flower market and nearly doubled its share of the mainstream flower market in the recent quarter.
Source Fool.com
