Aurora Cannabis to lower marketing spending

|About: Aurora Cannabis Inc. (ACB)|By:, SA News Editor

Aurora Cannabis (NYSE:ACB) shoots higher after topping FQ1 results.

The company generated revenue of C$30M (+260% Y/Y) and net income of $104M during the quarter. The net income tally was padded by an unrealized non-cash gain on derivatives and marketable securities. Gross margin on cannabis sales fell to 70% of sales from 74% a year ago, but was up from the 58% rate posted last quarter.

Looking ahead, Aurora Cannabis says it will focus on expanding capacity and sales growth in all its markets this fiscal year. The company expects a "significant" reduction in average marketing spending over the remainder of the fiscal year.

Shares of ACB are up 2.88% in premarket trading to $7.50 vs. the 52-week trading range of $3.92 to $12.52.

Previously: Aurora Cannabis reports Q1 results (Nov. 12)

Previously: Aurora Cannabis up 4% on Q1 results (Nov. 12)

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