Beyond Meat (NASDAQ: BYND) was raked over the coals this week, plunging as much as 24.3%, pushing the stock to the lowest level since its initial public offering in mid-2019. The catalyst that sent the maker of plant-based meat substitutes cratering was a first-quarter financial report, released last week, that was far worse than investors anticipated. Things went from bad to worse, as its gross profit margin of 0.2% was far worse than the 30.2% recorded in the prior-year quarter.
Impossible Foods CEO Peter McGuinness speaks with Yahoo Finance Live about expanding the plant-based food business into the UK, inflationary pressures, and potentially taking the company public at some point.
The plant-based meat specialist posted surprisingly weak demand in each of its last two earnings reports, and several signs were pointing to a tougher fiscal year ahead on both the sales and earnings fronts.