Beyond Meat stocks plummeted after Monday’s closing bell when the company released its second-quarter earnings report, despite trading up for shorter periods.
Concerning investors first was news that the company lost 24 cents in revenue-per-share, far more than the 8 cents anticipated by the financial markets data firm Refinitiv. Then the company announced that it would pursue a secondary offering, selling more shares in the company from common and company-owned stock.
On the positive side, the company’s revenues came in nearly $15 million more than expected, at $67.3 million. That growth constituted a 287 percent jump in revenue from the same period in 2018.
The company has now raised annual revenue guidance from $210 million to $240 million.
Earlier this year, Beyond Meat ($BYND) saw one of the most successful public offerings in 2019.
“The main reason that Beyond Meat is up 800 percent since day one of the IPO is not earnings-per-share, but revenue growth. The plant-based meat sector still has 1 percent market share of the overall meat market,” said Jason Rotman, the director of EverPlus Capital.
“If Beyond Meat could even capture 1 to 2 percent of the overall meat purchases of the consumers, this stock could literally be many multiples higher than it is now over the next few years.”
The company has clung to its first-mover advantage as competitor Impossible Foods, with about $700 million raised in fundraising, has opted to stay private.
Beyond Meat, unlike Impossible Foods, has typically focused first on introducing its product in retail.
But the company has recently racked up several major deals with fast-casual and fast food chains, including, most recently, Dunkin’.
Seth Schachner, Managing Director at Strat Americas, talks Disney's taking control of Hulu, Warner Bros. and Discovery's split and how if affects the viewers.
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
Shaquille O’Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic.
