Why Beyond Meat Stock Surged Today
Shares of Beyond Meat (NASDAQ: BYND) popped on Friday after the provider of plant-based meat substitutes reported narrower fourth-quarter losses than analysts expected. At the close of trading, Beyond Meat's stock price was up more than 10% after having been up by as much as 33% earlier in the session.
Beyond Meat posted a loss of $67 million, or $1.05 per share, in the fourth quarter. That's a significant improvement from the loss of $80 million, or $1.27 per share, that the company generated in the prior-year period. It also topped Wall Street's estimates, which had called for a loss of $1.18 per share.
"Our fourth quarter results clearly demonstrate delivery against our strategy and plan, including solid sequential progress on margin recovery and operating expense reduction, and continued inventory drawdown," CEO Ethan Brown said in a press release.
Source Fool.com
