• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing Tilray CEO is ‘happy’ despite Q2 loss
Investing

Tilray CEO is ‘happy’ despite Q2 loss

by January 10, 2023
by January 10, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Shares of Tilray Inc (NASDAQ: TLRY) ended about 7.0% down on Monday after the cannabis company reported a loss for its second financial quarter.

Tilray CEO reacts to the earnings report

Still, CEO Irwin Simon is satisfied with the quarterly performance. Explaining why on CNBC’s “Closing Bell”, he said:

At a constant currency, we’re up over last year and quarter-over-quarter. There’s been significant price compression in Canada, almost $12 million YoY. So, I’m happy considering what’s going in global economy and cannabis world.

In the earnings report, the Nasdaq-listed firm also confirmed that it’ll soon meet its target for annualised cost savings of $130 million. Tilray maintained its leading share in Canada this quarter. Reiterating the strategy for the U.S., CEO Simon added:

In the U.S., we’ve gotten into the spirits business. We’ve gone into the beer business, into the wellness food business. Right now, it’s to grow our U.S. businesses into consumer-packaged goods with adjacencies.

He did agree that U.S. legalisation wasn’t on the cards for anytime soon.

Tilray second-quarter financial highlights

Lost $61.64 million that translates to 11 cents a share

That compares to $5.8 million of profit last year

Adjusted loss was 6 cents a share as per the press release

Revenue slid from $155.15 million to $144.14 million

Consensus was 6 cents loss on $154.8 million revenue

According to Tilray, it completed the Montauk Brewing Co acquisition in Q2. CEO Simon also noted:

Our plan is to drive our Canadian sales by organic growth, innovation, and we’ll do some more acquisitions there. The Canadian market is a $7.0 billion plus market, so, there’s lots of opportunities in Canada. Europe, same thing.

Since early December, Tilray stock has lost roughly 40%.

The post Tilray CEO is ‘happy’ despite Q2 loss appeared first on Invezz.

You Might Also Like
  • Cramer double downs on Disney shares as Bob Iger retakes the helm
  • Coupa stock shot up 25% on Monday: what happened?
  • It’s time to move to the sidelines on Salesforce stock: Bernstein
  • Zero Cost (Costless) Collar Explained
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Why Alibaba stock is rising and the next price target
next post
PageGroup share price recoils after Robert Walters warning

You may also like

Blackstone’s beset property fund secures a massive investment

January 3, 2023

AMC shares opened 25% down on Thursday: find out more

December 22, 2022

XRP price spikes 6% as crypto turns green – here’s...

December 27, 2022

Walgreens stock price forecast: Cowen sees another 30% upside

November 22, 2022

Jefferies analyst reveals her only buy-rated airline stock

November 24, 2022

Put/Call Parity

March 6, 2023

VIDEO: Sports and investing – how to value sports teams

January 11, 2023

Metropolitan Bank Holding (MCB) exits the crypto market

January 9, 2023

Genesis CEO asks for patience from clients amid Gemini pressure

January 4, 2023

Jefferies analyst reveals his top two biotech stocks for 2023

December 28, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Grayscale Bitcoin: GBTC discount to NAV...

    January 10, 2023

    Is reverse stock split coming for...

    December 23, 2022

    Stephanie Link just bought a homebuilder...

    December 16, 2022
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here