Beyond Meat turns its first profit, topping estimates, but shares drop

Source: CNBC

Beyond Meat on Monday reported its first quarterly profit and topped analysts’ expectations for its fiscal third-quarter earnings and revenue. The company’s earnings have surpassed estimates, with $92 million compared to the projected  $82.2.

Despite the beat, shares of the company tanked as much as 15% in extended trading, before recouping about half of those losses. The stock, which has soared 321% since its initial public offering, closed Monday up 4.5%.