Investing.com – Beyond Meat reported mixed results for Q2 on Monday, with a loss that was broader than expected, but sales that were much stronger than projected.
The company also increased its sales guidance for the entire year and said it would sell 3.25 million more shares in a secondary offering. Of these shares, 3 million will be offered by selling shareholders and the rest of the company.
Shares of Beyond Meat (NASDAQ 🙂 fell 10% in the postmarket trade just after the announcement of the offer, extending losses during the regular session. The company will not see any dividend from shares sold by the selling shareholders.
The red-hot stock had been up more than 800% since the IPO.
Beyond Meat reported a quarter of 24 cents per share, wider than the 8 cents per share that analysts predicted, according to forecasts compiled by Investing.com.
Sales were $ 67.3 million well before the consensus of $ 48.29 million.
Looking ahead, Beyond Meat forecasts full-year revenue of $ 240 million, up from the previous guidance of around $ 21[ads1]0 million and ahead of Wall Street expectations of around $ 220 million.
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