Thursday , July 29 2021

Chronos spoils the loss while revenues almost triple, the shares fall

Shares of Cronos Group Inc.

CRON, -1.17%

Sunk 2.7% in the pre-market market on Tuesday, after the Toronto-based cannabis company reported third-quarter results in which it suffered a loss but revenue almost tripled. The net loss was C $ 7.04 million, or 4 cents per share, after a profit of C $ 1.10 million, or a penny per share, in the same period a year ago. The average loss estimate of both analysts investigated by FactSet was for a 2 cents per share loss. Income rose 186% to C $ 3.76 million, as the kilograms of cannabis sold increased by 213% to 514 kilograms, increased by increased productive capacity and the increase in volumes sold through international and international medical channels , as well as initial shipments to the recreational market for adult use. The stock fell 44.9% in the last three months until Monday, while the ETFMG Alternative Harvest ETF

MJ, -1.97%

rose 23.4% and the S & P 500

SPX, -1.97%

lost 3.4%.

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