Investor Alert

Market Pulse Archives

Aug. 6, 2021, 7:31 a.m. EDT

Canopy Growth revenue falls short of estimates

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Canopy Growth Corp. (CGC)
  • X
    Canopy Growth Corp. (WEED)
  • X
    Cannabis ETF (THCX)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Canopy Growth Corp. shares /zigman2/quotes/200603886/composite CGC -3.57% /zigman2/quotes/202205609/delayed CA:WEED -3.24% rose 0.8% in premarket trade Friday, after the Canadian cannabis company posted a profit for its fiscal first quarter, thanks to noncash fair value changes in some of its holdings of more than C$600 million ($479.9 million). The company posted net income of C$392.4 million, or 84 cents a share, for the quarter to June 30, after a loss of C$108.5 million, or 30 cents a share, in the year-earlier period. Earnings were boosted by other income that totaled C$581 million, primarily due to non-cash fair value changes of $601 million. Revenue net of excise taxes came to C$136 million, up 23% from the year-earlier period. The FactSet consensus was for a loss of 23 cents a share and revenue of C$151 million. "While we're encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters," Chief Executive David Klein said in a statement. Revenue was driven by double-digit growth in Canadian cannabis and other consumer products, which offset a decline in international sales. The company said CBD business in the U.S., led by the Martha Stewart line, continued to built momentum. The company is still aiming for positive adjusted EBTIDA by the end of fiscal 2022, driven by higher revenue, cost savings and improved price/mix. Shares have fallen 22% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -4.36% has gained 21% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 18%.

US : U.S.: Nasdaq
$ 9.99
-0.37 -3.57%
Volume: 0.00
Dec. 3, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$3.96 billion
Rev. per Employee
CA : Canada: Toronto
$ 12.85
-0.43 -3.24%
Volume: 3.05M
Dec. 3, 2021 5:00p
P/E Ratio
Dividend Yield
Market Cap
$5.06 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 9.22
-0.42 -4.36%
Volume: 74,464
Dec. 3, 2021 4:10p
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.