Posted 2/27/2024, 11:39:00 PM
Beyond Meat Stock Skyrockets Despite Losses on Turnaround Hopes
- Beyond Meat reported a large $2.40 per share loss in Q4 with revenue dropping 8% to $73.7 million
- Company guides lower, sees Q1 revenue of just $70-$75 million vs expectations of $89 million
- But stock skyrockets over 70% on plans to cut costs and expenses to improve operations
- CEO outlines multi-year effort to reduce costs, right-size production, and renovate product platform
- While risky, beaten-down stocks can see big rebounds; better strategy is targeting stocks with strong fundamentals