Shares of Beyond Meat (NASDAQ:BYND) gained over 12% in after-hours trading at the time of writing after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at -$1.05, which beat analysts’ consensus estimate of -$1.18 per share.
Sales decreased by 20.6% year-over-year, with revenue hitting $79.94 million. This beat analysts’ expectations of $75.8 million.
Looking forward, management now expects revenue for 2023 to be in the range of $375 million to $415 million. In addition, it also hopes to achieve positive cash flow by the end of 2023.
When looking at Beyond Meat’s website traffic, investors would have been able to anticipate the year-over-year decline in revenue by seeing that the number of visitors to its website fell when compared to last year.
