2023-07-26 14:38:26 ET
Shares of Tilray Brands (NASDAQ: TLRY) were trading 17% higher as of 2:14 p.m. ET Wednesday after the marijuana company reported a mixed-bag quarterly report before the session opened.
For the company's fiscal 2023 fourth quarter, which ended May 31, analysts had forecast only $153.7 million in sales, but Tilray actually reported sales of $184 million. On the other hand, Wall Street only expected Tilray to lose $0.05 per share -- and it actually lost $0.15 per share.
Investors seem to be focusing more on the revenue story than the wider than expected loss, but even the earnings news wasn't all bad. In fiscal Q4, Tilray grew its revenues by 20% year over year, setting a record for quarterly sales and strengthening its position as the No. 1 cannabis company in Canada by market share.
For further details see:
Why Tilray Brands Stock Soared 17% Today