Zinger Key Points
- Beyond Meat reported second-quarter revenue of $93.2 million, surpassing Wall Street's expectations of $87.81 million.
- Despite the mixed earnings results, Beyond Meat's stock has seen a bullish reaction, with a fall in stock.
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Beyond Meat, Inc. BYND is seeing its stock fall Monday. Here’s what you need to know.
What To Know: In its second-quarter financial results, released last week, Beyond Meat reported a revenue decline of 8.8% year-over-year.
But the company managed to beat Wall Street expectations with $93.2 million in revenue compared to the expected $87.81 million.
However, the plant-based, vegan meat company reported a slightly larger-than-expected adjusted loss of 53 cents per share, missing estimates of a 51-cent loss.
CEO Ethan Brown expressed optimism, highlighting the company’s progress in 2024 as a pivotal year toward sustainable operations and profitability. Beyond Meat ended the quarter with $158 million in cash but also reported $1.1 billion in total outstanding debt as of June 29.
What Else: Beyond Meat expects full-year revenue to range between $320 million to $340 million, with a gross margin in the mid-teens range.
Additionally, the stock has caught the attention of options traders, with significant bullish activity spotted. Although analysts remain cautious, with BMO Capital lowering the price target from $9 to $6, the options market has shown a split sentiment, with 50% bullish and 41% bearish trades.
BYND Price Action: As of the latest update, Beyond Meat shares were down 7.12% trading at $5.94, according to Benzinga Pro.
See Also:
Image: courtesy of Beyond Meat.
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