Investing.com – Beyond Meat reported mixed second-quarter results Monday, with a loss that was wider than expected, but sales that were much stronger than forecasts. Investors crushed the stock in response.
The company also boosted its full-year sales guidance and said it would be selling 3.25 million more shares in a secondary offering. Of those shares, 3 million will be offered by selling shareholders and the rest by the company.
Shares of Beyond Meat (NASDAQ:) fell 13% in postmarket trading with the news of the offering dismaying investors. The shares fell 5.4% during the regular session. The company won’t see any proceeds from shares sold by the selling stockholders.
The red-hot stock had been up more than 800% since its IPO. But if the after-market price holds on Tuesday, Beyond Meat will have suffered a loss of more than 18% in two days.
Beyond Meat reported a quarterly of 24 cents per share, wider than the 8 cents per share analysts predicted, according to forecasts compiled by Investing.com.
Sales were $67.3 million well ahead of the consensus of $48.29 million.
Looking ahead, Beyond Meat predicts full-year sales of $240 million, up from its previous guidance of about $210 million and ahead of Wall Street expectations of around $220 million.
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