Why Tilray Shot Higher Today
Canadian cannabis and consumer packaged goods company Tilray (NASDAQ: TLRY) reported its third-quarter fiscal 2022 results this morning for the three months ended Feb. 28, and the market liked it. Tilray shares shot up almost 16% in early trading, and remained 12.5% higher as of 11:18 a.m. ET.
Analysts surveyed by FactSet had expected the company to report a loss of $0.08 per share. But Tilray announced a surprise profit of $0.09 per share with its revenue growing 23% compared to the year-ago period. Cannabis revenue increased 32% and beverage alcohol revenue jumped 64% year over year. Distribution revenue, however, dropped 11% compared to the 2021 quarter. Overall revenue of $152 million slightly missed the level that analysts anticipated.
Source Fool.com
