Why Charlotte's Web Holdings Crept Higher on Thursday
On a generally down day for the stock market, shares of cannabidiol (CBD) products specialist Charlotte's Web Holdings (OTC: CWBHF) ticked up by 0.5% on Thursday. This market-beating performance was due to the company's third quarter of fiscal 2020 results, which were released that morning.
Charlotte's Web reaped $25.2 million in revenue for the quarter, which was 17% higher than Q2's result, yet up only marginally from the same period of 2019. The former was helped immensely by direct-to-consumer digital sales; these rose by almost 28% to comprise a beefy 66% of Q3 revenue.
As for the bottom line, the company's net loss deepened to $6.6 million, or $0.05 per share. This was an improvement over the the previous quarter's $14.4 million deficit, but deeper than the year-ago shortfall of $1.3 million.
Source Fool.com
