Plant-based meat company Beyond Meat reported a substantial loss in the fourth quarter of last year, with revenue dropping less than expected. Despite the $2.40 per share loss, higher than FactSet estimates, the company remains optimistic about its future.
The company has announced plans to cut operating costs and implement other measures aimed at “right-sizing” the business. This news comes as Beyond Meat’s revenue fell by 8% to $73.68 million, although it still exceeded expectations.
Looking ahead, Beyond Meat expects first-quarter revenue to range between $70 million to $75 million, below consensus estimates. However, the company’s stock saw a 40% jump on Wednesday morning, surpassing its 50-day and 200-day moving averages.
Since hitting a record low of $5.58 last October, Beyond Meat’s shares have rebounded to $10.55. CEO Ethan Brown has outlined plans to reduce operating expenses, improve margins, and enhance product offerings in the coming months.
Investors are advised to target stocks with strong fundamentals and positive share price performance for a better long-term investing strategy. For further updates on the stock market, follow Ed Carson on Threads at @edcarson1971 and on Twitter at @IBD_ECarson. Stay tuned to Heartland Magazine for more news on Beyond Meat and other financial developments.
“Social media scholar. Reader. Zombieaholic. Hardcore music maven. Web fanatic. Coffee practitioner. Explorer.”