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Home / Business / Shares of Aurora Cannabis rose 30% of the premarket as the company reported a Q1 loss but revenue exceeded estimates

Shares of Aurora Cannabis rose 30% of the premarket as the company reported a Q1 loss but revenue exceeded estimates



Aurora Cannabis Inc. ACB shares,
+ 56.14%

ACB,
+ 55.86%
rallied 30% in money-market trading on Monday, extending a rally that started last week in the expectation that Democrat Joe Biden will win the presidential election and tweak the reform program How in favor of cannabis, as the company posted a loss in the financial first quarter but surpassed estimated sales. Aurora reported a continuing net loss of C $ 1

07.2 million (US $ 82.6 million) in the quarter to September 30, narrower than a $ 1.85 billion loss. Canada was announced in the previous quarter. It does not provide comparison with previous year figures and does not provide a breakdown of each stock. Marijuana revenue increased to C $ 67.8 million from C $ 67.5 million in the previous quarter. FactSet consensus is for C $ 63.6 million in revenue. Consumer cannabis sales fell 3% q-o-q to C $ 34.3 million, while medical marijuana revenue rose 4% to $ 33.5 million. The company sold 16,139 kg of grass in the quarter, after it sold 16,746 kg in the previous quarter. The average net selling price for dried cannabis was C $ 3.72, up from C $ 3.60 in the fourth quarter. As of now, the stock is down 62% year-on-year, while the cannabis fund ETF THCX,
+ 7.61%
10% discount and the S&P 500 SPX,
-0.02%
has increased by 8.6%.


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