Money Canopy Growth says more cost cuts coming as it reports $124.17-million loss

16:13  14 february  2020
16:13  14 february  2020 Source:   msn.com

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To request to receive hardcopies of the company’s interim and annual financial statements, please contact Canopy Growth Corporation’s transfer agent, Computershare at 800.564.6253 (North American callers) or 514.982.7555 (International callers) or www.computershare.com.

Canopy Growth reported .5 million in revenue net of excise taxes for the period ended June 30, 2019. Adjusted EBITDA was negative million due to losses in Canadian and European operations, the company said . Analysts expected Canopy Growth to book a net income loss of 6.4 million

a person sitting at a airport© Provided by The Canadian Press

SMITHS FALLS, Ont. — Canopy Growth Corp. says it's planning further cost cuts as it reported a $124.17-million loss in its third quarter of 2020, though that was less than analysts had expected.

The cannabis company says it lost 35 cents per share in the quarter ending Dec. 31, compared with earnings of $74.86 million or 22 cents per share for the same quarter last year.

The loss was on revenue of $135.55 million, compared with revenue of $97.7 million for the same quarter last year.

Related video: Are cannabis marketing rules in Canada too strict? (Provided by CBC.ca)

Analysts had expected a loss of $156.78 million, or 47 cents per share, according to financial markets data firm Refinitiv.

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As expected, Canopy Growth won't be profitable in fiscal 2020. Last week, Wall Street investment firm This should come as little surprise to investors, with Wall Street's consensus earnings per share in Expect Canopy 's new CEO to be cost -conscious above all else. When the company announced

After Canopy reported several quarters with EBITDA losses in the C million range, the lack of Cost Cutting Must. The scary part of the story for Canopy is that Aurora Cannabis had a much The key investor takeaway is that Canopy has likely run into more hurdles with meeting financial targets.

CEO David Klein says the company has taken steps to reduce stock-based compensation and implemented tighter cost controls, but still has a lot of work to do.

Canada's cannabis industry has seen a wave of layoffs this year, including upwards of 500 at Aurora Cannabis and about 140 jobs at Tilray Inc., as it struggles for profitability.

This report by The Canadian Press was first published Feb. 14, 2020.

Companies in this story: (TSX:WEED)

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