Beyond Meat ($BYND) is falling aggressively after hours (-22.50%) after missing on its top and bottom lines. The stock was already down sharply in the regular session for a total decline of 33% since yesterday’s close. 📉
The company’s loss per share was -$1.58 adjusted vs. -$1.01 expected. Revenues came in at $109.5 million vs $112.3 million expected. (Read the full release here)
Total volume, adjusted for pricing and currency impacts, increased 12.4% in the quarter. However, net revenue per pound shrank 10% as the company offered reduced pricing to international customers as part of its promotional efforts.
Beyond Meat President and CEO Ethan Brown noted that the company’s long-term investments in growth “are having a meaningful impact on its gross margins in the short term,” but he is confident “…in the future we are building.“
Investors are not sharing his optimism, however, sending the stock to its lowest levels ever in after-hours trading. After roughly 3 years since the stock’s IPO, current investors have little to show for owning the stock… so their frustration is understandable. 💁
