<p>Hexo (NYSE: HEXO) profit for the second quarter of 2020 has HEXO shares hitting on Monday. It comes after reporting revenue of $ 17 million for the quarter. The Canadian cannabis company did not report earnings per share for the period.
Let’s take a closer look at the latest Hexo results report below.
Revenue was 26.87% higher than the $ 13.4 million reported during the same period last year. The Hexo result includes an operating profit of $ 289.4 million. It is a 4,094.2% wider operating loss than $ 6.9 million reported in the second quarter of 2019. A net loss of $ 298.2 million did not benefit HEX shares on Monday either. This is because it was 6,834.88% worse than the company’s net loss of $ 4.3 million from the same period the year before.
Sebastien St-Louis, CEO and co-founder of Hexo, said this about the HEXO share performance report.
“We have continued our focus on improving our operations and expanding distribution across Canada. Our strategy with Original Stash has shown that we can compete directly with the black market. The industry continues to see challenges ahead, and after a strategic review of the company’s core and non-core assets, we believe we have positioned HEXO to meet these challenges in the future. ”
Hexo’s earnings report contains no prospects for the financial year 2020. However, the company notes that it will continue to function even when the coronavirus from China continues to spread.
The HEXO share fell 27.52% as of Monday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/hexo-earnings-hammer-stock/.
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