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Why HEXO Stock Is Crashing Today

TheMotleyFool

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Shares of HEXO (NYSE: HEXO) were trading down by 17.3% as of 12:05 p.m. EDT on Friday, following the release of its fiscal fourth-quarter results after the market closed on Thursday. The Canadian cannabis producer also announced a proposed "share consolidation" -- an 8-to-1 reverse stock split -- early Friday morning.

The company's results for its fiscal Q4, which ended July 31, actually reflected some solid improvements. HEXO reported net revenue of 27.1 million Canadian dollars, up 23% quarter over quarter, and up 76% year over year. Its gross revenue jumped 17% from the previous quarter and 76% year over year to CA$36.1 million -- an all-time high for HEXO.

Image source: Getty Images.

Source Fool.com

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