Beyond Meat reported a loss per share of $1.53 in the second quarter of 2022. Analysts had previously expected a loss of $1,180 per share after last year’s earnings per share (EPS) -$0,310.
The revenue reduced by 1,6% to $147 million, compared to its value $149.4 million a year ago. Analysts had previously expected a value of 150.6 million US dollars.
Outlook for 2022 based on the report
- revenue of $470 million to $520 million (previous forecast of $560 million to $620 million)
- the company would reduce its workforce by 4% globally, thus resulting a save of $8 million
Beyond Meat said the high inflation, the rising interest rates and growing uncertainty of a possible recession were among the factors driving the revised outlook. The company spent more on manufacturing and ingredients. Additionally, a joint venture with PepsiCo weighed on profit margins.
In the past few months, the investors put extreme pressure on the company, it had to lose significantly in value
- 52 week high price $134,9
- 52 week low price $17,1
However, the investors appeared pleased with the numbers. In US trading on the NASDAQ, Beyond Meat shares rose by 22.30 percent to $38.39 on Friday, August 05th. But the long-term trend remained bearish due to investor pessimism towards the company.
Source: CNBC