The carnage on Wall Street continued on Monday, following up on a poor first week of 2022. As of just after noon ET, the Dow Jones Industrial Average (^DJI 0.53%) was down 483 points to 35,749. The S&P 500 (^GSPC 0.28%) had dropped 78 points to 4,599, while the Nasdaq Composite (^IXIC 0.40%) had fallen 323 points to 14,613.

Earnings season is just about to begin, and already, investors have gotten some readings on how things are going to start the new year. Tilray (TLRY 1.60%) came out with results that investors seemed to find promising, but Crocs (CROX -2.44%) wasn't quite able to live up to high expectations despite indicating growth rates that most companies would love to have. You'll find all the details below.

Hand holding up marijuana leaf, with a lot of cultivated plants behind.

Image source: Getty Images.

A solid quarter for Tilray

Shares of Tilray were up more than 15% at midday Monday. The marijuana company managed to post solid financial results in its fiscal second quarter that made shareholders more comfortable with its future prospects.

The numbers for Tilray were encouraging. Net revenue was up 20% year over year to $155 million. Positive contributions came from a 7% rise in cannabis revenue, combined with net beverage alcohol revenue from its SweetWater division and wellness segment revenue from Manitoba Harvest. Even better, Tilray reversed a year-earlier loss, with positive net income of $6 million for the period.

Tilray celebrated several milestones. The company retained its No. 1 market share ranking in Canada, and it has also made dramatic progress in the European market with its state-of-the-art cultivation facilities in Germany and Portugal. Strategic moves to get into craft brewing as well as hemp and CBD lifestyle products appear to be paying off, and they could also help bolster brand awareness across the Tilray ecosystem.

Pot stocks had a tough time in 2021, but investors are optimistic that 2022 could bring better news. Tilray appears upbeat about its own prospects, and that's good news for shareholders who've seen their stock suffer big losses in recent years.

Crocs has some holes in its bullish thesis

Meanwhile, shares of Crocs were down almost 7%. The shoemaker gave what seemed to be an upbeat assessment of its likely full-year results, but it wasn't enough to make investors comfortable with the idea that 2022 will live up to their expectations.

The guidance Crocs gave was strong. The footwear maker sees fiscal fourth-quarter revenue rising 42% year over year, leading to full-year revenue growth of 67%. That annual figure is higher than Crocs' previous range of 62% to 65%. Crocs also confirmed that it made stock buybacks worth about $1 billion during 2021.

Moreover, Crocs sees good times ahead for 2022. Growth in Crocs sales should rise 20% year over year, even excluding the potential impact of its planned acquisition of Hey Dude. When you include that acquisition, Crocs expects total revenue of $700 million to $750 million.

The problem, though, was that Crocs had already given that guidance for 2022, so the mere reaffirmation wasn't the boost that most shareholders had apparently wanted to see. Moreover, Crocs said that it expects to spend an extra $75 million on air freight costs, showing that the shoemaker is vulnerable to supply chain disruptions that have affected much of the retail space. With the stock having soared over the past two years, investors have gotten used to Crocs avoiding problems like this.