BYND Stock Drops Below IPO Price as Beyond Meat’s Q1 Disappoints

InvestorPlace2022-05-13

Beyond Meat(NASDAQ:BYND) stock is once down a staggering 24% today after the company delivered disappointing first-quarter financial results.BYND shares are now trading below the $25 price that they ...

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TeikLeong
2022-05-13
TeikLeong
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TeikLeong
2022-05-13
TeikLeong
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kianfoo
2022-05-13
kianfoo
Ok
Gortan
2022-05-13
Gortan
Many trades are basically in an emotional stage towards current volatile market. The growth stock with lower guidance in the earning will get a punishment with no mercy.
Bspn
2022-05-13
Bspn
Ok
Sunris3
2022-05-13
Sunris3
Sigh

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That was much worse than the net loss of $27.3 million recorded in the year-earlier period. The company’s revenue came in at $109.5 million for the quarter, missing Wall Street forecasts for $112.3 million in Q1 sales.Company executives blamed the poor results on the expensive launch of its plant-based jerky product, which it executed through a joint venture with PepsiCo(NASDAQ:PEP). The company’s gross margin in the quarter was 0.2% of revenue, down from 30.2% in 2021. Beyond Meat did reaffirm its full-year revenue forecast of $560 million to $620 million.Why It MattersBeyond Meat has struggled following an initial sales boom when it went public in 2019. 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