Beyond Meat Stock Is Getting Burned After Hours: What's Going On?
Portfolio Pulse from Adam Eckert
Beyond Meat Inc (NASDAQ:BYND) reported worse-than-expected Q2 results, with a 30.5% YoY decrease in revenue to $102.1 million, missing the consensus estimate of $111.28 million. The company also reported a quarterly loss of 83 cents per share, missing analyst estimates for a loss of 81 cents per share. Despite lower materials costs, lower inventory reserves, and lower logistics costs per pound, higher manufacturing costs partially offset the gross profit and gross margin. The company expects full-year 2023 revenue to be between $360 million and $380 million, lower than estimates of $388.04 million.
August 07, 2023 | 8:47 pm
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NEGATIVE IMPACT
Beyond Meat's worse-than-expected Q2 results and lower than estimated full-year 2023 revenue forecast could negatively impact its stock price in the short term.
Beyond Meat's Q2 results missed estimates, with a significant decrease in revenue and a larger than expected loss per share. Additionally, the company's full-year 2023 revenue forecast is lower than estimates. These factors could lead to a decrease in investor confidence and a potential drop in the company's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100