Marketwatch reports…..Aurora Cannabis Inc. nearly quadrupled its revenue and claimed a strong market share in an earnings report Monday that detailed the first quarter of legal recreational-pot sales in Canada, but also showed off large losses and a shrinking margin.
Aurora ACB, +0.00% ACB, -0.32% disclosed losses of C$237.8 million on net revenue of C$54.2 million, after reporting a profit of C$7.7 million on sales of C$11.7 million a year ago. Large losses were expected due to a decline in marijuana-related equities last quarter, as Aurora has invested heavily in other companies in the industry and must track their performance as part of its earnings — Aurora said that those adjustments accounted for about C$190 million of its losses.
Aurora shares bounced around in late trading, and were down 1.9% in early trade Tuesday. The stock had gained 55.7% in the past six months, as the S&P 500 indexSPX, +1.29% dropped 4.4%.
