3 Reasons Why Aurora Cannabis' Q2 Results Were So Dismal
No one expected that Aurora Cannabis (NYSE: ACB) would give fantastic news in its fiscal 2020 second-quarter results. After all, the Canadian cannabis producer just announced major staffing cuts and that its longtime CEO was stepping down. Those aren't the actions you'd expect if great news was on the way.
It came as no surprise, therefore, when Aurora reported anemic results in its Q2 update before the market opened on Thursday. The company's Q2 total net revenue fell to 56 million in Canadian dollars from CA$70.8 million in the previous quarter -- a 26% quarter-over-quarter decline. Aurora announced an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of CA$80.2 million in Q2, significantly worse than the CA$39.7 million adjusted EBITDA loss in the first quarter.
Why were Aurora's Q2 results so dismal? Here are the three main reasons.
Source Fool.com
