CBD maker Charlotte's Web revenue grows 66% in first quarter

Charlotte's Web Holdings Inc. reported shrinking profits and a 66% increase in revenue compared with the year-ago period when the cannabidiol, or CBD, product maker issued earnings late Tuesday. The company reported first-quarter net income of $2.3 million, or 2 cents a share, compared with $3.1 million, or 4 cents a share, in the year-ago period. Revenue rose to $21.7 million from $13.1 million in the year-ago period. FactSet does not report enough earnings and revenue estimates from analysts to form a reliable consensus figure. Charlotte's Web reiterated its full-year revenue guidance of $120 million to $170 million. Charlotte's Web stock has gained 20% in the past six months, with the S&P 500 index rising 3%.

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