Beyond Meat on Thursday reported better-than-expected fourth quarter sales despite flagging consumer demand and lower prices. The plant-based meat maker said its revenue fell 21 percent to $80 million in the October-December period. Still, that beat Wall Street’s expectations. Analysts polled by FactSet were forecasting revenue of $75.8 million. Beyond Meat’s shares jumped 14 percent in…
Bill Gates Hopeful Fake Meat Products, Plant-Based Alternatives Will ‘Eventually’ Be ‘Very Good’
Microsoft co-founder Bill Gates has said that he believes that fake meat products will eventually be a “very good” option for consumers, noting that most people will be unlikely to turn to a vegan or plant-based diet in the future. Gates made the comments during his annual Ask Me Anything session on the social news website…
Beyond Meat Cuts Revenue View, Jobs as Inflation Hits Plant Protein Demand
Beyond Meat on Friday cut its annual revenue forecast for the second time due to slowing demand for faux meat as consumers look for cheaper options to beat rising prices and announced jobs cuts as well as executive departures. The plant-based meat producer plans to cut 200 jobs this year and said its finance chief…
Beyond Meat COO Arrested for Biting Man’s Nose in Parking Lot Altercation
The chief operating officer of plant-based meat producer Beyond Meat was arrested this weekend after allegedly biting a man’s nose during an altercation that took place in Arkansas. Doug Ramsey, 53, was arrested on Sept. 17 on charges of terroristic threatening and third-degree battery, according to the Washington County, Arkansas, information page. Ramsey, who stepped into the…
McDonald’s Ends Testing McPlant Burger, Adding Pressure on Beyond Meat Stock
McDonald’s announced that it has concluded the U.S. trial of its McPlant burger, which is made with the plant-based protein manufactured by Beyond Meat (BYND). In November 2021, McDonald’s began testing the meat-free burger in eight restaurants across America. In February this year, the company introduced the McPlant burger at around 600 locations. According to…
Beyond Meat Partners with Kim Kardashian in New Campaign
Beyond Meat announced on Tuesday that it would be launching a new campaign with Kim Kardashian, who will be joining the company as “chief taste consultant.” Kardashian appeared in a promotional video to announce her new partnership with the company, in which she is expected to make regular contributions to Beyond Meat’s newsletter with “exclusive…
Beyond Meat Shares Tumble on Disappointing Q1 Results, Barclays Downgrades Price Target
Barclays on Thursday cut the price target for shares of plant-based meat company Beyond Meat by nearly 70 percent following the company’s disappointing sales revenues in the first quarter. Barclays analyst Benjamin Theurer downgraded shares to equal weight from overweight, with a $25.00 per share price target, down from $80.00. “Given limited short-term visibility, mounting cost pressure,…
Beyond Meat Shares Fall on Dimmer Than Expected Forecasts
February 25, 2022
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Beyond Meat Inc. forecast annual revenue below estimates on Thursday, hitting its share price, as it faced stiffer competition amid flat demand for plant-based protein. The California-based company said it expects revenue of $560 million to $620 million for 2022, compared with estimates of $637.3 million, according to Refinitiv IBES data. Sales to U.S. grocers,…
McDonald’s Expands US Test of Beyond Meat ‘McPlant’ Burger
NEW YORK—McDonald’s Corp said on Thursday it will expand its U.S. test of a plant-based burger it created with vegan meat maker Beyond Meat Inc to about 600 locations next month. The restaurants—in San Francisco, California and Dallas-Forth Worth, Texas—will sell the so-called “McPlant” burger starting Feb. 14 for as long as supplies last in…
Wall Street Appetite for Beyond Meat Stock Erodes as Shorts Intensify
The Beyond Meat stock is struggling to withstand the invasion of short sellers. Short interest climbed to about 36 percent of Beyond Meat’s free float, making it the most shorted business in the Russell 1000 index. This is up from 26 percent at the beginning of October and short interest is rising at an alarming…
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