Beyond Meat misses estimate on rising investment, marketing expense, shares plunge

by   |  VIEW 252
Beyond Meat misses estimate on rising investment, marketing expense, shares plunge

On Thursday, the 27th of February 2020, the LA-based maker of plant-based meat substitutes, Beyond Meat Inc., had reported its fourth quarterly earnings’ report for 2019 that missed Wall St. analysts’ estimate by a wider margin and said in a statement that its Executive Chair Seth Goldman would be shredding off from his executive status, while the double whammy had eventually dragged the shares’ prices of Nasdaq-listed Beyond Meat Inc.

down by more than 10 per cent in the post-market trading. Besides, according to Beyond Meat Inc.’s Thursday’s (February 27th) quarterly earnings’ report, the vegan burger maker had posted a loss of 1 cent per share, missing an analysts’ estimate of a profit of 1 cent per share, Refinitiv data from IBES revealed, while a spokeswoman for Beyond Meat Inc.

was also quoted saying late on Thursday (February 27th) that a lag in its operating profit on Q4, 2019, might not be reflecting a real-time scenario as the plant-based meat company was able to bottleneck its loss substantially by rubber stamping numerous deals with retailers and restaurants, mostly in North America.

Besides, adding that the company had spooked the investors with its quarterly estimate miss alongside Goldman’s move to step down of his executive status which eventually heaved Beyond Meat Inc. shares’ down by as much as 17.09 per cent to $88 per share in Thursday’s (February 27th) after-market trading, a CFRA Researcher analyst Arun Sundaram said on Thursday’s (February 27th) market round off, “There were very high expectations for BYND going into this earnings release. However, we wouldn’t be surprised if the stock bounced back a bit tomorrow once the market opens. ”