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Brendan Kennedy, CEO, Tilray
Scott Mlyn | CNBC
Tilray‘s stock fell after the Canadian cannabis company reported a wider-than-expected loss for the second quarter after the markets closed Tuesday.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Adjusted earnings per share: A loss of 32 cents vs. a loss of 25 cents expected
- Revenue: $45.9 million vs. $41.1 million expected
Shares of the Canadian pot company slid by more than 5% in after-hours trading.
On an unadjusted basis, Tilray reported a second-quarter net loss of $35.1 million, or 36 cents per share, wider than its loss during the same quarter last year of $12.8 million, or 17 cents per share.
After excluding for acquisition-related expenses and an inventory accounting charge, Tilray lost 32 cents per share, a steeper loss than the 25 cents per share analysts surveyed by Refinitiv expected.
Sales rose 371% to $45.9 million, beating expectations of $41.1 million, which Tilray attributed to its acquisition of hemp food producer Manitoba Harvest and Canada legalizing recreational marijuana last year.