Canaccord Genuity Group reports $7.2M loss in fourth quarter

Canaccord Genuity Group Inc. says its net loss attributable to common shareholders for the fourth quarter was $7.2 million, down 113 per cent from a net income of $56.3 million a year earlier.

The Toronto-based financial services firm says it lost eight cents per diluted common share, down from earnings of 53 cents per diluted common share in the same quarter last year. 

Revenue for the quarter ended March 31 was $430.4 million, down from $499.8 million a year earlier. 

President and CEO Dan Daviau says in a press release that the company's results for fiscal 2023 were below expectations amid a challenging operating environment, but the business remains on solid ground.