Why Beyond Meat Stock Got Fried on Friday
Shares of Beyond Meat (NASDAQ: BYND) got raked over the coals on Friday morning, plunging by as much as 15.7% and briefly notching a new 52-week low. As of 12:01 p.m. ET, the stock was down 9.1%.
The catalyst that sent shares of the maker of plant-based meat substitutes down was a fourth-quarter financial report that was far worse than investors had anticipated.
Beyond Meat reported Q4 revenue of $100.7 million, a decline of 1.2% year over year. The bad news traveled down the income statement, as its gross profit margin of 14.1% was far worse than the 24.9% recorded in the prior-year quarter. This resulted in a net loss of $80.4 million, or $1.27 per share.
Source Fool.com
