Canopy Growth 4Q Loss Widens, Revenue Slides on Lagging International Markets
Canopy Growth logged a wider loss in the fourth quarter as lower international cannabis markets dragged on revenue.
Canopy Growth shares plunged 20% in morning trading.
The Canadian cannabis company posted on Friday a widened net loss of 220.8 million Canadian dollars ($159.9 million), or C$1.43 a share, compared with a loss of C$92.3 million, or C$1.03 a share, in the comparable quarter a year ago.
Analysts were expecting an improvement to a loss of C$0.46 a share, according to a poll on FactSet.
Revenue in the period fell 11% to C$65 million, missing analyst expectations which forecasted revenue to fall to a more modest C$70.2 million.
The company noted that its Canadian cannabis segment saw growth in the quarter, but this was offset primarily by lower international markets cannabis and lower Storz & Bickel net revenue.
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