Why Tilray Stock Is Plunging Today
Shares of Tilray (NASDAQ: TLRY) are down by 13.1% as of 3:22 p.m. EDT on Tuesday, following the company's release of its second-quarter earnings report after the market closed on Monday. Tilray has made it a habit to disappoint investors with its financial results, and the company's latest quarterly update was yet another example of this trend.
During the second quarter, Tilray reported total revenue of $50.4 million, about 10% higher than the prior-year quarter. On average, analysts expected the cannabis company's revenue to come in at about $55 million. One bright spot in the company's top-line breakdown was its international cannabis segment, whose sales grew by 349% year over year to $8.3 million. However, this segment still accounts for a small percentage of Tilray's total revenue. The company's bottom line was the biggest cause for concern, however.
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Source Fool.com
