What's Going On With Canopy Growth Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher after reporting improved fourth-quarter financial results. The company saw a 4% increase in Canada cannabis segment revenue and a 32% increase in international cannabis markets revenue. Cash outflow from operations improved by 77%, and operating loss from continuing operations improved by 80%. The stock is trading above its 50-day moving average, indicating a bullish trend.
May 30, 2024 | 4:29 pm
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Canopy Growth Corporation reported strong Q4 results with a 4% increase in Canada cannabis revenue and a 32% increase in international markets revenue. The company's cash outflow from operations improved by 77%, and operating loss from continuing operations improved by 80%. The stock is trading above its 50-day moving average, indicating a bullish trend.
The strong financial results, including revenue growth in both Canada and international markets, along with significant improvements in cash flow and operating loss, are positive indicators for Canopy Growth. The stock trading above its 50-day moving average further supports a bullish outlook.
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