CGC - What's Going On With Canopy Growth Stock After Earnings? | Benzinga
Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher Thursday after the company reported its fourth-quarter financial results before the market open. Here's a look at what to know.
What To Know:
Canopy Growth reported its Canada cannabis segment revenue increased 4% year-over-year to CA$37 million, driven by growth in the Canadian medical cannabis business. Canada medical cannabis delivered a fifth consecutive quarter of revenue growth with revenue increasing 16% year-over-year benefiting from customer mix and larger product assortment in the Spectrum Therapeutics online store.
The company said revenue from international cannabis markets increased 32% year-over-year to $12 million, driven by growth in Germany and Poland.
Canopy's cash outflow from operations improved 77% year-over-year, driven by cost reduction programs and reduction in interest payments, and the company's operating loss from continuing operations of $107 million represents an improvement of 80% year-over-year.
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