By Denny Jacob
Canopy Growth reduced its loss in the latest quarter as it continued to work on bringing down costs.
The Smiths Falls, Ontario-based cannabis company narrowed its loss to 38.1 million Canadian dollars ($28.4 million), or C$0.07 a share, in the three months ended June 30, from C$2.09 billion, or C$5.24 a share, a year earlier. Analysts polled by FactSet expected a loss of C$0.19 a share.
Canopy said the narrower first-quarter loss was primarily attributable to the year-over-year decrease in asset impairment and restructuring costs, and non-cash fair value changes on other assets.
Revenue edged up C$108.7 million from C$105.9 million. Analysts polled by FactSet expected C$92.1 million.
Canopy said it reduced costs by C$47 million in the quarter, bringing its total cost reductions to C$172 million since the beginning of fiscal 2023.
Chief Executive David Klein said Canopy’s results demonstrated signs of positive momentum while realizing a substantial reduction in expenses across the enterprise.
Write to Denny Jacob at [email protected]
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