Is Beyond Meat Stock a Buy?
Beyond Meat's (NASDAQ: BYND) stock went on a wild ride after its second-quarter earnings report on Aug. 4. The plant-based meat producer's revenue declined 2% year over year to $147 million, missing analysts' estimates by $2 million. Its net loss widened from $19.7 million to $97.1 million, while its adjusted net loss of $1.53 per share broadly missed the consensus forecast by $0.39.
For the full year, management expects revenue to rise 1% to 12%, compared to its prior forecast for 21% to 33% growth. The company also announced it would lay off about 4% of its workforce to save $8 million annually.
Image source: Beyond Meat.
Source Fool.com
