Beyond Meat stocks plummeted after Monday’s closing bell when the company released its second-quarter earnings report, despite trading up for shorter periods.
Concerning investors first was news that the company lost 24 cents in revenue-per-share, far more than the 8 cents anticipated by the financial markets data firm Refinitiv. Then the company announced that it would pursue a secondary offering, selling more shares in the company from common and company-owned stock.
On the positive side, the company’s revenues came in nearly $15 million more than expected, at $67.3 million. That growth constituted a 287 percent jump in revenue from the same period in 2018.
The company has now raised annual revenue guidance from $210 million to $240 million.
Earlier this year, Beyond Meat ($BYND) saw one of the most successful public offerings in 2019.
“The main reason that Beyond Meat is up 800 percent since day one of the IPO is not earnings-per-share, but revenue growth. The plant-based meat sector still has 1 percent market share of the overall meat market,” said Jason Rotman, the director of EverPlus Capital.
“If Beyond Meat could even capture 1 to 2 percent of the overall meat purchases of the consumers, this stock could literally be many multiples higher than it is now over the next few years.”
The company has clung to its first-mover advantage as competitor Impossible Foods, with about $700 million raised in fundraising, has opted to stay private.
Beyond Meat, unlike Impossible Foods, has typically focused first on introducing its product in retail.
But the company has recently racked up several major deals with fast-casual and fast food chains, including, most recently, Dunkin’.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
