Aurora Cannabis Q2 results: shares up 2% after earnings revenue beats estimates
The Canadian marijuana company has a better-than-expected Q2 earnings report.
Aurora Cannabis shares are slightly up after reporting its second quarter (Q2) earnings. Aurora Cannabis’ Q2 revenue report was better-than-expected.
Aurora Cannabis earnings: key figures
|Gross revenue||$62 million|
|Net revenue||$54.2 million|
Aurora Cannabis earnings
Aurora Cannabis’ Q2 earnings increased with gross revenue rising 430% higher than the last quarter to $62 million. The Canadian-based marijuana company also reported that revenue in the last three months of 2018 quadrupled.
While the gross revenue surged, the net revenue had a more modest increase. The lackluster net revenue is because of the taxes Canada imposes on recreational marijuana and the net loss to Aurora Cannabis’ profits. The company’s net loss was $237.8 million, losing $4 for every $1 corporation made. The loss was also likely because of the drop in the average price of dried marijuana. The chief executive officer, (CEO), Terry Booth, spoke about Aurora Cannabis’ revenue.
‘Aurora continues to execute strongly across all of its market segments, as demonstrated by the 83% revenue growth over last quarter and the significant increase in confirmed production results. Our brands continue to resonate extremely well in the consumer market, our patient numbers continue to increase steadily, and we have maintained our market leadership in Germany and other key international markets. We are experiencing exceptional demand for our Canadian medical and consumer products, as well as sustained strong demand internationally,’ said Booth.
What do Aurora Cannabis’ Q2 results mean for their share price?
Aurora Cannabis’ Q2 results meant a slight decrease in shares before a rebound. Aurora Cannabis’ earnings mean that the positive report should cause an increase in its $9.75 share price.
How do Aurora Cannabis’ Q2 results compare to other marijuana stocks?
Aurora Cannabis’ Q2 results are much more profitable compared to Aphria. Aphria’s last reported revenue was just 21.7 million, but the stock rose 9% the day after releasing its earnings report.
What is in Aurora Cannabis’ future outlook?
Aurora Cannabis’ outlook includes exporting marijuana to the UK,Poland, and Mexico. The company also expects to increase production of cannabis from 120,000 kilograms to 150,000 kilograms at its Aurora Sky facility. The corporation also expects its operating costs to be under $1 per gram of marijuana. Aurora Cannabis also expects an increase in revenue because of an increase in high-quality production of its marijuana.
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