Beyond Meat (BYND.US) skyrocketed 75% after-hours! Q4 net revenue exceeded expectations, and plans to implement multiple measures to support profit growth.

After the US stock market closed on Tuesday, "first stock of artificial meat" Beyond Meat (BYND.US) announced its performance for the fourth quarter of 2023. Beyond Meat's fourth-quarter sales exceeded market expectations and plans to take multiple measures to improve profits in 2024. Boosted by this news, as of the time of writing, Beyond Meat's stock price surged nearly 75% in after-hours trading on Tuesday. According to the financial report, Beyond Meat's net revenue for the fourth quarter decreased by 7.8% year-on-year to $73.679 million, with sales growth offset by a decrease in revenue per pound, but better than the average analyst expectation of $66.8 million. Net revenue for the US channel decreased by 23.5% year-on-year to $42.746 million, while net revenue for the international channel increased by 28.5% year-on-year to $30.933 million, both better than the average analyst expectation. The net loss was $155 million, compared to a net loss of $66.9 million in the same period last year; loss per share was $2.40, compared to the average analyst expectation of $0.89 loss per share, and $1.05 loss per share in the same period last year. Beyond Meat stated that factors continuing to harm its business include weak demand for plant-based meats, inflation, and higher interest rates. Beyond Meat expects full-year net revenue in 2024 to be between $315 million and $345 million, slightly below the average analyst expectation of $344 million; it expects the gross profit margin to stabilize around 15%, with the second half of the year expected to outperform the first half; it expects full-year operating expenses to be between $170 million and $190 million, with expenses in the first half of the year relatively high. Ethan Brown, CEO of Beyond Meat, stated that the company will take a series of actions in 2024 to find a path to profitability, including reducing operating expenses, adjusting prices, and launching a new, healthier Beyond Burger. As part of streamlining operations, the company stated it will discontinue the Beyond Meat Jerky product line launched through a joint venture with PepsiCo (PEP.US). Ethan Brown stated, "The majority of the initiatives to restart profit growth for the company have 'emerged,' and added, 'These changes, along with measures we plan to take this year to improve our balance sheet, will strengthen our near-term operations'." Beyond Meat stated, "Our 2024 strategic blueprint has been laid out, including measures to significantly reduce operating expenses and cash usage, support profit growth through precise pricing and reasonable adjustments in production scale. After years of research and development, our Beyond IV core platform will provide outstanding health benefits and taste. At the same time, after the launch of a global operational assessment, we will incur non-cash charges related to inventory and assets, these charges no longer align with our future profit path."