Why Beyond Meat Stock Got Hammered Today
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) got hammered on Thursday after the company reported financial results and announced a stock offering. As of 2:45 p.m. ET, Beyond Meat stock was down about 18%.
Beyond Meat has been facing challenged revenue and considerable cash burn for about two years now. In the first quarter of 2023, the company's revenue remained challenged. Q1 net revenue of $92 million was down almost 16% year over year.
However, Beyond Meat made some bottom-line improvements. The company had a negative gross profit margin in 2022 but its gross margin jumped to 6.7% in Q1. And by increasing its gross profit and reducing its operating expenses year over year, the company cut its loss from operations to $57.7 million compared to a loss from operations of $97.6 million in the prior-year period.
Source Fool.com
