US Stock Market News | Beyond Meat's second-quarter loss narrows, surges over 19.6%

Beyond Meat's stock price has risen, as of the time of publication, the stock has surged over 19.6%, reaching $6.26. The company's second-quarter revenue was $93.2 million, a year-on-year decrease of 8.8%, better than the market's expected $87.8 million; the loss narrowed from $53.5 million in the same period last year to $34.5 million, with a loss per share of $0.53. The increase in prices for plant-based burgers and sausages has driven the gross profit margin from 2.2% in the same period last year to a significant increase to 14.7%. Sales volume decreased by 14% during the period, a slight improvement from the 23.9% decline in the same period last year. Reduction in wholesale discounts and some product price decreases in the U.S. retail and foodservice channels have driven a 6.1% increase in revenue per pound. In terms of the U.S. domestic retail channels, revenue per pound increased by 20.5%, compared to a 6.3% decrease in the same period last year. Looking ahead, Beyond Meat expects full-year revenue to be between $320 million and $340 million, previously forecasted at $315 million to $345 million