Beyond Meat stock soared after the maker of plant-based burgers beat expectations in its first earnings report since its IPO and issued a rosy sales forecast.
Beyond Meat Inc. shares soared late Thursday after the maker of plant-based burgers beat Wall Street’s expectations in its first earnings report since its initial public offering in May and issued a rosy sales forecast.
Adjusted for stock-based compensation costs and other items, the company lost 14 cents a share. That was better than the 15-cent loss analysts had forecast, according to FactSet. It also said sales would exceed $210 million this year, beating analysts’ estimate of about $205 million. Ten-year-old Beyond Meat burst into the spotlight last month with its successful IPO. Its shares jumped 163% in the first day of trading, the biggest first-day pop since 2015, according to Renaissance Capital. Beyond Meat is now valued at nearly $6 billion.
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