Beyond Meat Q1 Earnings: Revenue Beat, EPS Miss, Working To Make 2024 A Pivotal Year And More
Portfolio Pulse from Adam Eckert
Beyond Meat Inc (NASDAQ:BYND) reported Q1 financial results with a revenue decrease of 18% year-over-year to $75.603 million, slightly beating consensus estimates but missing EPS estimates with a loss of 72 cents per share. The company is working towards making 2024 a pivotal year, aiming for sustainable and profitable operations, and expects Q2 revenue between $85 million and $90 million. Beyond Meat's shares dropped 3.65% after hours following the announcement.
May 08, 2024 | 8:46 pm
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Beyond Meat reported a mixed Q1 with revenue exceeding expectations but a larger than expected EPS loss. The company is focusing on 2024 for significant operational improvements and has provided optimistic revenue forecasts for Q2 and the full year.
The after-hours stock price decline of 3.65% indicates immediate negative market reaction, likely due to the EPS miss and ongoing concerns about the plant-based meat sector's demand. However, the company's optimistic outlook for 2024 and efforts to improve financial health could provide some support to the stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100