Shares in cannabis stock OrganiGram (OGI) plunged 9% in Tuesday’s trading after the company reported disappointing earning results for the fiscal third quarter.Specifically, Q3 GAAP EPS of -$0.51 fell short of Street estimates by $0.48. Revenue of $18.02M represented a 27% drop year-over-year, but beat consensus expectations by $2.64M.For the quarter, OGI reported negative gross margin of $26.4 million compared to positive $12.3 million in Q3 2019 citing lower net revenue and higher cost of sales.Meanwhile the company announced that it reduced its workforce by ~25% or ~220 employees in June 2020 in order to ‘better align with the needs …read more
Source:: Yahoo Finance
