Why Cronos Group Shares Are Falling Sharply

Cronos Group Inc CRON shares are trading lower by 8.93% to $2.80 Monday morning after the company reported worse-than-expected third-quarter results.

What Happened?

Cronos Group reported quarterly losses of 10 cents per share which missed the analyst consensus estimate of a loss of 6 cents by 66.67 percent. The company also reported quarterly sales of $20.92 million which missed the analyst consensus estimate of $24.72 million by 15%. This is a 2.5% increase over sales of $20.41 million in the same period last year.

What Else?

"Market share gains through borderless innovation and cost rationalization were key drivers to this quarter's success," said Mike Gorenstein, Chairman, President and CEO, Cronos.

"While executing on our innovation pipeline, we also remain on track for the previously announced $20 to $25 million in operating expense savings for 2022," added Gorenstein.

According to data from Benzinga Pro, CRON has a 52-week high of $15.60 and a 52-week low of $8.42.