Shares of Aurora Cannabis Inc. (ACB) jumped over 50% on Wednesday morning after the medical cannabis company reported its third-quarter results.
ACB is currently trading at $5.58, up $1.90 or 51.51%, on the Nasdaq. The stock opened its trading at $4.67 after closing Tuesday at $3.68. The stock has traded between $2.84 and $9.35 in the past 52-week period.
The company reported net income from continuing operations of $31.2 million compared to a net loss of $17.1 million for the prior year period. The increase in net income of $48.3 million primarily relates to the improvement in gross profit of $54.0 million, partially offset by a decrease in other income of $5.3 million.
Net revenue for the quarter was $88.2 million, as compared to $64.4 million in the prior year period. The 37% increase from the prior period was mainly due to 51% growth in our global medical cannabis business and 22% growth in our plant propagation business, slightly offset by lower quarterly revenue in our consumer cannabis business.
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