Beyond Meat, Inc. (BYND) shares plunged over 5% in after-hours trading on Wednesday after the plant-based meat company reported mixed results for the third quarter of 2024 and lowered its full-year revenue forecast.
While Beyond Meat's Q3 revenue of $81 million exceeded analysts' estimates of $80.7 million, driven by higher product prices, the company cut the top end of its fiscal 2024 revenue guidance to $330 million from $340 million previously. The downward revision reflects weaker-than-expected demand for its faux meat products as cost-conscious consumers switch to cheaper alternatives.
Beyond Meat CEO Ethan Brown acknowledged the challenging environment, stating, "Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025." The company reported an adjusted EBITDA loss of $19.8 million for Q3, wider than the consensus estimate of $18.9 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.