Home Business Beyond Meat Quarterly Loss Wider Than Expected, but Sales Beat – Investing.com

Beyond Meat Quarterly Loss Wider Than Expected, but Sales Beat – Investing.com

13 min read
0
25
Loading...
 



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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)


Source link

Check Also

Oil prices rise after attack on Saudi Arabia blamed by US on Iran as Trump says Strategic Oil Reserve ready today – CBS News

Loading...   Dubai, United Arab Emirates — Global energy prices spiked on Monday…