Beyond Meat Stock ( NASDAQ:BYND )
On Friday, Beyond Meat stock ( NASDAQ:BYND ) increased by more than 20% after the company, which manufactures plant-based meat alternatives, reported its results for the fourth quarter and provided a financial forecast that an analyst referred to as “a positive surprise.
Even though consumer demand was decreasing and prices were going down, Beyond Meat was still able to report better-than-expected sales for the fourth quarter on Thursday. According to FactSet, industry analysts were expecting Beyond Meat (ticker: BYND) to report a loss of $1.18 per share and revenue of $75.8 million on Thursday, but the company instead reported a loss of $1.05 per share and net revenue of $79.9 million.
The manufacturer of plant-based burgers, sausages, nuggets, and other products , with headquarters in El Segundo, California, reported that its sales volumes continued to decline despite price cuts in both the United States and Europe. According to the company, the strong dollar also hurt profits from overseas markets.
In addition, the company forecasted that the company’s annual net revenue will range between $375 million and $415 million in 2023, whereas market analysts had estimated $395.2 million.
Ethan Brown, President, and Chief Executive Officer of Beyond Meat stated that the company is making headway in its efforts to reduce costs and simplify the manufacturing process. In October, Beyond Meat eliminated 200 jobs, which is equivalent to 19% of its workforce, and reduced the number of contract manufacturers it works with within North America from eight to three. ...
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