Stock Track | Beyond Meat Shares Tumble After Trimming Full-Year Revenue Outlook

Stock Track

Nov 07, 2024

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.

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(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.</p>\n\n<p>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.</p>\n\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BYND","symbol_name":"Beyond Meat, Inc.","start_time":0,"source_url":"","article_id":"1103635919","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1103635919","pubTimestamp":1730929140,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Beyond Meat, Inc.  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. 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