Canopy Growth Corporation Rebounds 21% After Posting Revenue Loss Last Week
Canopy Growth Corporation (CGC) jumped 21% for the day, which is great news for CGC as shares tumbled on Friday.
Last week, on Friday, CGC released their Q1 fiscal year results, which showed that the Company’s net revenue dropped 19%, causing the stock to tumble.
The Company’s quarterly gross margin was impacted by a decline in production, lower prices in Canada, a shift in business mix and decreased COVID-19 subsidies.
On a call, Chief Financial Officer Judy Hong added that cost-saving measures are expected to be recognized in the second half of fiscal 2023.
“We expect cost savings to ramp in the second half of the year,” Hong added. Canopy achieved more than C$40 million ($30.96 million) of savings in the quarter.