Beyond Meat gets extra fire from being rare alpgomez KarenKKwok
Beyond Meat on June 6 reported net revenue in the first quarter of $40.2 million, up 215% year-on-year. The company’s net loss for the period was $6.6 million. The results were slightly better than the upper end of the range the company had previously estimated in the final prospectus for its initial public offering.
California-based Beyond Meat, which produces plant-based alternatives to meat, priced its IPO at $25 a share on May 1 and the shares started trading on May 2, more than doubling to close at $65.75. The market closed on June 6 at $99.50, but rose sharply in late trading after the company released its first-quarter report. At 5.20 p.m. EDT, they were trading at around $116, up nearly 17%.
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