Beyond Meat Inc reported its first ever net profit and raised its full-year sale...
- Beyond Meat Inc reported its first ever net profit and raised its full-year sales forecast, but shares tumbled 6.5% in extended trading as the vegan burger maker said it would need to offer more store discounts or promotions as competition heats up.
Spending on store discounts more than tripled during the quarter as Beyond Meat fended off competition from rivals including Impossible Foods. Last month, the company began selling its Impossible Burgers in grocery stores. The surge in discount spending overshadowed a beat on quarterly revenue and a raised forecast for full-year sales. The California-based company’s shares, which closed up 4.5% on Monday, have gained over four-fold in value since their May initial public offering price. The IPO share lockup period expires on Tuesday. Holland said the company’s stock was sensitive to the end of the lockup period, with investors trying to get ahead of a potential sell-off on Tuesday.
Beyond Meat raised its full-year net revenue forecast for the second time to $265 million to $275 million. It had previously forecast net revenue to exceed $240 million. Third-quarter discounts rose about 254%.
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