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Beyond Meat Inc (NASDAQ:BYND) shares are trading higher Thursday. The stock was volatile Wednesday night after the company reported its third-quarter financial results.
Beyond Meat said third-quarter revenue decreased 22.5% year-over-year to $82.5 million, which missed average analyst estimates of $98.11 million, according to Benzinga Pro. The company reported a quarterly net loss of $1.60 per share, which missed average estimates for a loss of $1.14 per share.
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"As we shared last month, Beyond Meat is executing a full force pivot to a sustainable growth model, emphasizing the achievement of cash flow positive operations within the second half of 2023. This transition is designed to fortify our business in the near-term as record inflation continues to pose a challenge for our brand and category," said Ethan Brown, president and CEO of Beyond Meat.
Beyond Meat expects full-year 2022 revenue to be between $400 million and $425 million versus average estimates of $453.35 million.
See Also: Looking Into Beyond Meat's Recent Short Interest
BYND Price Action: Beyond Meat shares were down 9.56% at $12.95 at time of publication.
Photo: courtesy of Beyond Meat.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.