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Aurora Cannabis tumbles double digits after saying it won't turn a profit until next year as weed-industry earnings flag

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The company said in January it hoped to reach positive earnings by the fiscal fourth-quarter, but Wednesday's release missed the profitability target.

Aurora Cannabis sank as much as 11% on Thursday after missing analyst earnings estimates and pushing its profitability target to fiscal 2020. The company's disappointing fiscal fourth-quarter figures mirror other cannabis companies. Canadian peer Canopy Growth missed quarterly expectations in August, with revenue falling under the lowest analyst estimate. Aurora previously forecast positive earnings would arrive in its fiscal fourth quarter.

Aurora Cannabis sank as much as 11% on Thursday after missing analyst earnings estimates and pushing its profitability target to fiscal 2020. The company's disappointing fiscal fourth-quarter figures mirror other cannabis companies. Canadian peer Canopy Growth missed quarterly expectations in August, with revenue falling under the lowest analyst estimate. Aurora previously forecast positive earnings would arrive in its fiscal fourth quarter.

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