Tilray whipsaws after mixed earnings report

Tilray dipped initially before gaining back most of its losses in postmarket trading after reporting mixed second-quarter earnings.

The Canadian cannabis company reported adjusted earnings per share of $0.02, compared to the $0.02 loss per share analysts polled by FactSet were expecting. Tilray also reported $224.5 million in revenue, less than the $232.2 million analysts expected.

The company has been increasingly selling more booze than cannabis and has continued to struggle to post sufficient revenue growth to push it to profitability.

The company’s revenue miss was in large part because of fewer sales than expected of alcoholic beverages like its Montauk beers. The company reported $65.6 million in sales for that segment for the quarter, while anlaysts were penciling in $99.5 million.

Tilray initially fell about 4% in after-hours trading.

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