3 Key Things From Beyond Meat's Earnings Call That Investors Should Know
Beyond Meat (NASDAQ: BYND) reported strong second quarter 2020 results earlier this month. The leading maker of plant-based meat substitutes grew revenue 69% year over year to $113.3 million, and adjusted loss per share narrowed 60% to $0.02. Revenue easily beat the $99.8 million Wall Street consensus estimate, while the bottom line hit the consensus on the bull's-eye.
Shares fell 6.7% the day after results were released. We can probably attribute the stock's drop largely to earnings "only" meeting the analyst expectation. Since its initial public offering (IPO) in May 2019, the company has usually sailed by top- and bottom-line estimates. So investor expectations were super high -- probably unrealistically high during a global pandemic.
Despite the pullback, in 2020, Beyond Meat stock is up a whopping 66.6% through Aug. 21, while the S&P 500 has returned 6.5% over this period.
Source Fool.com
