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A few years ago, venture capital poured a lot of money into the plant-based foods market. At the time, the possibilities seemed bright.
Shares of Beyond Meat saw a brief respite after posting better-than-expected Q2 results. Revenue declines softened, while gross margins made a major recovery on the back of an increase in prices. After previously slashing prices to develop more points of sale, the company has prioritized protecting its margin. Net price per pound has increased ~20% in U.S. retail, its largest segment.
Beyond Meat stock has been one of the market's worst performers, losing over half its value due to revenue growth troubles. The company's Q2 report showed a smaller than expected revenue decline and improved margins, but also more losses and cash burn. With a debt heavy balance sheet, management has a lot of work to do to keep the company afloat moving forward.
Beyond Meat's second-quarter results were a mixed bag, but with some relative bright spots. As for growth, however, the company is seemingly shrinking its way toward profitability.
Beyond Meat (NASDAQ: BYND ) stock is climbing higher on Thursday after the maker of plant-based meat alternatives released its earnings report for the second quarter of the year. Beyond Meat reported earnings per share of -53 cents during the quarter.
Beyond Meat Inc (NASDAQ:BYND) shares are set to rise on Thursday after sales fell less than feared and losses shrank. Net revenues of $93.2 million were generated by the plant-based meat maker in the second quarter, down 8.8% on year.
Beyond Meat (BYND) came out with a quarterly loss of $0.53 per share versus the Zacks Consensus Estimate of a loss of $0.46. This compares to loss of $0.83 per share a year ago.
Beyond Meat on Wednesday reported better-than-expected sales in the second quarter despite continuing weak demand for its plant-based burgers, chicken and other products.
Beyond Meat raised its forecast for annual revenue on Wednesday, as it benefits from a string of price hikes on its plant-based meat products amid sticky inflation, sending its shares up 16% after the bell.
EL SEGUNDO, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its second quarter ended June 29, 2024.