Cronos Group Inc. (NAS:CRON) (TSE:CA:CRON) shares fell 8% in premarket trades Tuesday after the cannabis company posted a narrower-than-expected loss, although its revenue fell short of estimates. Cronos Group said it lost $44.6 million, or 5 cents a share in its second quarter, compared with a loss of $165.49 million, or 48 cents a share, in the year-ago period. Net revenue climbed to $23.06 million from $15.62 million. Analysts expected Cronos Group to lose 6 cents a share on revenue of $28 million, according to a survey by FactSet. Prior to Tuesday's trades, shares of Cronos Group are down 8.7%, compared to a drop of 51.7% by the Cannabis ETF (PSE:THCX) and a 19.2% drop by the Nasdaq (NASDAQ:COMP) .
Aug. 9, 2022, 8:19 a.m. EDT