Canopy Growth swings to big loss as revenue falls 19%

Canopy Growth Corp.
CGC,
-8.48%
WEED,
-6.91%
shares fell 6% in premarket trades Friday after the company said it lost C$2.08 billion ($1.61 billion), or $5.23 a share in its fiscal first quarter, compared to a profit of C$392.42 million, or C$1.02 a share, in the year-ago period. The loss was driven by a non-cash, C$1.73 billion goodwill impairment. Net revenue dropped 19% to C$110.12 million from C$136.21 million. Analysts expected Canopy Growth to lose C$0.29 a share on revenue of C$112.7 million, according to FactSet estimates. The Smiths Falls, Ontario-based cannabis company said it held C$1.2 billion in cash and short-term investments at the end of the quarter. Canopy Growth said it maintained its No. 1 share of combined premium flower and pre-rolled joint segment in Canada.