Beyond Meat shares crater as losses mount, company expects weak U.S. sales growth ahead
$Beyond Meat(BYND.US$ Beyond Meat on Wednesday reported a widening loss in its third quarter as U.S. demand for its meat substitutes shrank and higher costs ate into its profits.
The company also disappointed investors with its fourth-quarter outlook, indicating that sales aren’t expected to snap back immediately. Shares of the company tumbled 18% in extended trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Loss per share: 87 cents vs. 39 cents expected
Revenue: $106.4 million vs. $109.2 million expected
Beyond reported fiscal third-quarter net loss of $54.8 million, or 87 cents per share, wider than a net loss of $19.3 million, or 31 cents per share, a year earlier. Analysts surveyed by Refinitiv expected a loss of 39 cents per share.
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Jacinthen : Honestly though, BYND seriously needs to reduce prices fast. CEO always talks about making it cheaper but it's by far the most expensive, even when compared to other premium plant based meat alternatives. When their chicken hit stores last month my girlfriend wanted to try them but it was $6 for a pack of like 5 that were tiny. If I had to compare vegan nuggets to vegan nuggets, Gardein offers frozen chicken nuggets for $7 with 9 pieces that are substantially larger. This ER was pretty bad but this is one that will do better come summer.
I think the real question is, is there more room to drop before a potential run up? When this stock runs it runs like 30-40% in a few days typically before plummeting again, very specific chart history.