Aurora Cannabis (NYSE:ACB)
reported its latest quarterly earnings results late today, bringing
in a loss that was wider than expected and wider than it was a year
ago, while revenue grew considerably, yet this amount was below
Wall Streetâs expectations.
The Canada-based marijuana business announced
that for its third quarter of its fiscal 2019, it
brought in losses of C$160.1 million, or 16 cents per share, which
was eight times as wide as the companyâs year-ago losses of C$20
million, or 4 cents per share. Analysts were calling for the
company to amass adjusted losses of 5 cents per share, according to
data compiled by FactSet.
Aurora Cannabis added that it brought in gross
revenue of C$75.2 million for the period, 367% higher than the
companyâs loss of C$16.1 million from the year-ago quarter. After
excluding excise taxes paid to the Canadian government, the company
posted net revenue of C$65.2 million.
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The Wall Street consensus estimate called for the
business to bring in net revenue of C$67.6 million. For its fourth
quarter of the fiscal year, analysts predict adjusted losses of 3
cents per share and net revenue of C$119.4 million. Aurora Cannabis
added that it los C$77.6 million from operations, more than double
its amount from the year-ago period.
ACB stock is up roughly 3.6% following the
companyâs quarterly earnings results. Shares then fell about 2%
after the bell.
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ACB Stock Gains on Wider Q3 Loss, Sales Miss appeared first on