Tilray Brands shares experienced a significant increase on Wednesday following the release of its stock-as-cannabis-company-surges.html” title=”Tilray's Bottom Line Boosts Stock as Cannabis Company Surges”>fiscal fourth-quarter results. The Canadian cannabis producer reported a narrower loss compared to the previous year and exceeded revenue expectations.
At the close of trading on Wednesday, the stock had risen by nearly 15%.
Although Tilray is a Canadian company, it has been striving to establish itself as a leader in the U.S. adult-use cannabis market. However, its plans have been impeded by the lack of significant progress in banking reform and federal legalization.
Tilray disclosed that its net loss for the three-month period ending on May 31 was $119.8 million, or 15 cents per share. This represents an improvement from the previous year’s loss of $457.8 million, or 99 cents per share. Analysts surveyed by Refinitiv had anticipated a loss of only 5 cents per share.
Furthermore, the company’s revenue surged by 20% to $184.2 million, surpassing the year-earlier figure of $153.3 million. This result exceeded analysts’ expectations of $154 million, according to Refinitiv.
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Tilray stock experienced a surge following the release of its quarterly results…
2023-07-26 15:18:24
Post from www.cnbc.com
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