Tilray Stock Gains Following Better-Than-Expected Quarterly Among the top gainers in the stock market today is Tilray ( NASDAQ: TLRY ). As a result of its latest quarterly earnings release, the global cannabis goliath is in focus now. Evidently, TLRY stock is currently gaining by over 8% at today’s opening bell. Going right into it, investors are likely focusing on Tilray’s swing towards an operating profit for the quarter. The company is looking at a net income of $52.5 million for the quarter. This translates to an earnings per share of $0.09, a substantial beat over Wall Street estimates of an $0.08 loss.
Furthermore, Tilray’s net revenue is also at a commendable $152 million. This adds up to a year-over-year increase of about 23%. Notably, Tilray cites its continued strength across core and new markets for its performance for the quarter. Firstly, the company highlights that it maintained its #1 leading marketing share in the Canadian market. Secondly, Tilray is also now a leader in medical marijuana market share in Europe and Germany. According to the company, it saw revenue growth of over 4,000% across these regions.
Despite its outstanding operational achievements, Tilray does not seem to be stopping anytime soon. The company is currently working with Amazon’s ( NASDAQ: AMZN ) Whole Foods Market (WFM). Through this partnership, Tilray’s world-leading hemp foods brand Manitoba Harvest is debuting new Hemp+ products with WFM. In particular, this will see its Hemp+ Macha and Hemp+ Supergreens powders being available at over 300 WFM locations nationwide. At the same time, Solei, one of the company’s cannabis wellness brands, is launching the first cannabis edible in Quebec. As Tilray seems to be firing on all cylinders now, investors are understandably hyped about TLRY stock.