Beyond Meat, a meatless alternative to traditional protein, posted a 287% revenue increase in their second quarter financial report for 2019. Chief Financial Officer and Treasurer, Mark Nelson said “the early benefits we are seeing on cost productivity across our supply chain and manufacturing network, in conjunction with solid demand through our customer partnerships, have helped deliver these strong gross margin and operating margin results.” The company's $67.3 million in net revenues for the quarter represent a sizable increase over the $2.6 million earned during the same time period of 2018. According to the Wall Street Journal, shares of the company “have nearly quadrupled from its May initial public offering price, valuing the company at $6 billion.” But the news was not without its issues. Investors also balked at a secondary public offering of 3.25 million shares, the value of which dropped more than 20% over concerns of another stock offering so close to the May IPO. Increased consumption of the product is also causing companies to struggle with meeting the demand, causing a shortage of product at restaurants and grocery chains alike. However, Ethan Brown, Beyond Meat’s President and Chief Executive Officer commented, “We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad.”
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