Why Hexo Stock Sank Today | 電影影評網
![Why Hexo Stock Sank Today](https://i.imgur.com/FK6P5g9.jpg)
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Hexo pushed back its turnaround plan by at least another quarter.
What happenedShares of struggling Canadian cannabis grower Hexo (HEXO[1]) plunged after the company reported its earnings results from the fiscal second quarter of 2022 today. After an initial drop of nearly 10% early Friday morning, the stock staged a bit of a recovery. Shares remained down by 3.6% as of 2:51 p.m. ET, however.
So whatHexo reported a net loss of the equivalent of about $550 million, compared to a loss of less than $20 million in the comparable year-ago quarter. Most of the recent losses came from impairment charges[2] the company said were "eliminating past issues and enabling a clean slate for future growth." Those included losses on property, plant, and equipment, as well as on goodwill.
Image source: Getty Images.
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