Beyond Meat's stock experienced a 5.38% plunge during Wednesday's trading session, as the company's fourth-quarter earnings report failed to meet market expectations despite a slight revenue beat.
The plant-based meat alternative company reported revenue of $76.7 million for the quarter, narrowly exceeding the consensus estimate of $75.9 million. However, its adjusted EBITDA of -$26 million, earnings per share of -$0.65, and net income of -$44.9 million all missed analysts' projections.
Beyond Meat provided full-year 2023 guidance, forecasting revenue in the range of $320 million to $335 million and capital expenditures between $15 million and $20 million. The company's outlook seems to have fallen short of investors' expectations, contributing to the stock's decline.
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