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’.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
