The meme stock halo fades as Beyond Meat is "brought back to reality" by dismal financial reports
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After announcing preliminary results for the third quarter, the stock price of the plant-based meat concept stock Beyond Meat fell sharply. Revenue is expected to be around $70 million, a year-on-year decline of 13%, with a gross margin between 10% and 11%. Analyst Peter Saleh pointed out that persistently low gross margins and high operating expenses have suppressed the potential for profitability, maintaining a wait-and-see stance. Despite high brand awareness, declining sales and deteriorating financial conditions have offset the advantages, leading to weak sales growth prospects
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