Investing.com -- Beyond Meat surged in afterhours trading Tuesday as the plant-based meat producer reported better-than-expected fourth-quarter revenue and touted acceleration in margins in the second of the year.
Beyond Meat Inc (NASDAQ:BYND) was up more than 90% in afterhours trading following the report. About 40% of traders had been short the stock.
For the three months ended Dec. 31, the company reported a loss $2.40 on revenue of $73.7 million, compared with analyst estimates for a loss of $0.89 a share on revenue of $66.7M.
The wider loss comes as gross margin fell to -113.8% in Q4 from the year-ago period, following a $78.0M hit from costs driven by a strategic review if its operations.
For Q1, revenues were expected to be in the range of $70M to $7M, compared with estimates for $89.0M.
Looking ahead to the full-year 2024, the company guided revenues in the range of approximately $315M to $345M and said gross margin was expected to be in the mid to high teens range and improve in the second half of the year relative to the first half.