Beyond Meat's stock slides over 20% on weak sales, widening loss
Beyond Meat Inc.’s not-so-good 2022 took an ugly turn for the worse Wednesday with quarterly results that lacked sizzle.
The results sent Beyond Meat’s stock spiraling down 26% in after-hours trading Wednesday, after plunging 14% to $26.12 in the regular session. Beyond closed trading at its lowest share price since its IPO price of $25. Beyond executives warned of “near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates, COVID-19 and its potential impact on consumer behavior and demand levels, labor availability and supply chain disruptions, partially attributable to recent geopolitical tensions.” Beyond also offered fiscal 2022 revenue guidance of between $560 million and $620 million; analysts polled by FactSet expect $580.7 million.McDonald’s Corp. MCD, -0.
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