Beyond Meat stock tanked 25% in extended trading: what happened?

0

Beyond Meat stock tanked 25% in extended trading: what happened?

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
May 12, 2022

Beyond Meat Inc reports disappointing results for its fiscal first quarter.

The meat substitutes company reiterated its full-year revenue guidance.

Beyond Meat stock tanked about 25% in extended trading on Wednesday.

Beyond Meat Inc (NASDAQ: BYND) stock tanked 25% in extended trading on Wednesday after the plant-based meat substitutes company reported weak results for its fiscal first quarter.

Notable figures in Beyond Meat Q1 results

Lost $1.58 a share in Q1 versus FactSet consensus of 97 cents.Generated $109.5 million in sales, missing forecast by $2.9 million.Costs in the first quarter were up 97% on a year-over-year basis.Gross margin stood at 30.2% representing a decline of 0.2%.Ended the recent financial quarter with $547.9 million in cash.

Commenting on the quarterly results, CEO Ethan Brown said in the earnings press release:


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

In Q1, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in restaurant industry, market success of our first product collaboration with PepsiCo, or continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for long-term growth.

Beyond Meat reiterated its future guidance

Despite weak results, Beyond Meat reiterated its full-year guidance for $560 million to $620 million in revenue that translates to a 21% to 33% annualised growth. Still, CFRA analyst Arun Sundaram says:

While we appreciate management’s long-term view, investors are going to be increasingly questioning BYND’s path to profitability, which isn’t good for the shares in a rising interest rate environment. Beyond Meat’s spending lifts the likelihood of a capital raise by the end of this year.

The stock is now down nearly 70% for the year.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
eToro

10/10

68% of retail CFD accounts lose money

Visit site

Food & Beverage


Industries


North America


Stocks & Shares


USA


World

Beyond Meat stock tanked 25% in extended trading: what happened?

0

Beyond Meat stock tanked 25% in extended trading: what happened?

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
May 12, 2022

Beyond Meat Inc reports disappointing results for its fiscal first quarter.

The meat substitutes company reiterated its full-year revenue guidance.

Beyond Meat stock tanked about 25% in extended trading on Wednesday.

Beyond Meat Inc (NASDAQ: BYND) stock tanked 25% in extended trading on Wednesday after the plant-based meat substitutes company reported weak results for its fiscal first quarter.

Notable figures in Beyond Meat Q1 results

Lost $1.58 a share in Q1 versus FactSet consensus of 97 cents.Generated $109.5 million in sales, missing forecast by $2.9 million.Costs in the first quarter were up 97% on a year-over-year basis.Gross margin stood at 30.2% representing a decline of 0.2%.Ended the recent financial quarter with $547.9 million in cash.

Commenting on the quarterly results, CEO Ethan Brown said in the earnings press release:


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

In Q1, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in restaurant industry, market success of our first product collaboration with PepsiCo, or continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for long-term growth.

Beyond Meat reiterated its future guidance

Despite weak results, Beyond Meat reiterated its full-year guidance for $560 million to $620 million in revenue that translates to a 21% to 33% annualised growth. Still, CFRA analyst Arun Sundaram says:

While we appreciate management’s long-term view, investors are going to be increasingly questioning BYND’s path to profitability, which isn’t good for the shares in a rising interest rate environment. Beyond Meat’s spending lifts the likelihood of a capital raise by the end of this year.

The stock is now down nearly 70% for the year.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
eToro

10/10

68% of retail CFD accounts lose money

Visit site

Food & Beverage


Industries


North America


Stocks & Shares


USA


World