CRON - Why Cronos Group Stock Soared 13.8% Today
Shares of global cannabis company Cronos Group (NASDAQ: CRON) rocketed higher on Tuesday after the company reported its earnings for the first three months of 2022. The company missed Wall Street's earnings per share (EPS) estimates, but investors were happy with its solid growth numbers. As of 2:44 p.m. ET, the stock is up 13.5% on the day and was up as much as 19.1% at one point during trading hours.
Before the market opened on May 10, Cronos Group released a financial update for the first quarter of 2022. Earnings per share, an important metric that financial analysts track, came in at negative $0.09. This is compared to analyst expectations for a loss of $0.08 in the quarter, meaning that Cronos Group missed expectations with its report.
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Why Cronos Group Stock Soared 13.8% Today