Beyond Meat Stock Slides More Than 20% After Company Reports Weak Sales, Cuts Forecast
August 10, 2023
Beyond Meat’s stock fell over 20% after the company reported weak sales, revised down its full-year revenue forecast, and postponed its goal of achieving positive cash flow in the second half of the year. The company’s struggle with declining U.S. consumer interest in its meat alternatives has led to efforts to cut costs and become profitable, but weak sales have hindered this goal. Despite cutting prices and offering discounts, Beyond’s U.S. retail volume dropped by 34% and its domestic food service volume plummeted by 44% during the reported period.
Recent News
Tesla Faces Uphill Battle with Shareholder Votes
In a bid to navigate the treacherous terrain of shareholder approval, Tesla’s chairperson, Robyn Denholm, likened the challenges ahead to scaling “Mount Everest.” This revelation comes amidst the looming votes on relocating Tesla’s headquarters to Texas and ratifying CEO Elon Musk’s staggering $56 billion compensation plan. Denholm’s remarks, as reported by the Financial Times on Friday, shed light on the uphill battle the electric vehicle giant faces in its quest for shareholder support.
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.