(VIANEWS) – Cronos Group Inc. shares dropped 3.6% in premarket trades on Monday after the Canadian cannabis company’s third-quarter revenue fell short of analyst estimates. Cronos Group said it lost $36.89 million in the three months ended Sept. 30. In the year-ago period, it reported net income of $77.67 million. The company did not provide figures for loss per share or earnings per share. Revenue rose 3% to $20.92 million. On a constant currency basis, consolidated net revenue increased 7% to $21.8 million. Wall Street analysts expected revenue of $24.9 million for Cronos, according to a survey by FactSet. Cronos said its third-quarter loss mostly reflects fluctuation in the non-cash gain on revaluation of derivative liabilities. Cronos said it remains on track to save $20 million to $25 million in operating expenses for the year and that it’s seeking additional opportunities in 2023. Among the highlights in the quarter, the company’s Spinach blue-raspberry watermelon was the No. 1 edible in Canada and its Israel revenue rose 98% to $7.4 million on a constant currency basis.
Shares of Cronos Group (NASDAQ: CRON) slid 9.58% to $2.79 at 10:14 EST on Monday, after two sequential sessions in a row of gains. NASDAQ is rising 1.28% to $10,475.25, following the last session’s upward trend. This seems, up until now, an all-around up trend exchanging session today.
Cronos Group’s last close was $3.08, 54.64% below its 52-week high of $6.79.
About Cronos Group
Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. It sells cannabis and cannabis products, including dried cannabis, pre-rolls, edibles, concentrates, and cannabis extracts through wholesale and direct-to-client channels under its wellness platform, PEACE NATURALS; and operates under adult-use brands, Spinach. It also exports dried cannabis and cannabis oils to Germany, Israel, and Australia.
Earnings Per Share
As for profitability, Cronos Group has a trailing twelve months EPS of $-0.212.
The company’s return on equity, which measures the profitability of a business relative to shareholder’s equity, for the twelve trailing months is negative -18.53%.
Yearly Top and Bottom Value
Cronos Group’s stock is valued at $2.79 at 10:14 EST, way below its 52-week high of $6.79 and above its 52-week low of $2.57.
Growth Estimates Quarters
The company’s growth estimates for the current quarter and the next is a negative 133.3% and a negative 128.6%, respectively.
Cronos Group’s latest reported volume is 1049904, which is 44.13% lower than its average volume (1879440).
More news about Cronos Group (CRON).