Beyond Meat (NASDAQ:BYND) stock is climbing higher on Thursday after the maker of plant-based meat alternatives released its earnings report for the second quarter of the year.
Beyond Meat reported earnings per share of -53 cents during the quarter, which matches what Wall Street was expecting. This is an improvement over the 83 cents reported in the same period of the year prior.
Adding to that is the company’s revenue of $93.18 million. This is above analysts’ revenue estimate of $89.15 million for the quarter, even thought it’s an 8.8% drop year-over-year from $102.15 million.
Beyond Meat president and CEO Ethan Brown provided the following insight into the company’s earnings report:
“We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability. Key proof points include exceeding our Q2 revenue guidance; continued reduction in operating expenses and cash consumption; and our best quarterly gross margin since Q3 2021.”
BYND Stock Movement on Thursday
With these positive earnings results comes increased interest and heavy trading of BYND stock. That has more than 5.7 million shares traded as of this writing, which is well above its daily average trading volume of about 2.7 million shares.
BYND stock is up 18.2% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
