Beyond Meat says it felt the full force of the coronavirus pandemic in the third quarter, leading to worse-than-expected financial results. The company cited consumer stockpiling in the second quarter, coupled with continuing struggles at restaurants and other food-service customers. Beyond Meat’s revenue rose 2.7% to $94.4 million. According to analysts polled by FactSet, that was far short of the $132 million that Wall Street forecast. El Segundo, California-based Beyond Meat said it lost $19.3 million for the quarter. Adjusted for one-time items, the company lost 28 cents per share. Analysts had forecast a 5 cent per share profit.
By DEE-ANN DURBIN
Posted inArticle, Business
Samsung wins $6.6 billion Verizon contract for 5G network
Samsung Electronics Co. will develop 5G network infrastructure for Verizon Communications under a $6.65 billion deal announced Monday. The contract runs through 2025. Samsung has developed limited 5G systems for Verizon before, and Verizon said it was excited to expand the relationship. The South Korean technology giant beat out rivals like Finland’s Nokia, which has also worked with Verizon in the past. But another rival, China’s Huawei Technologies, was off the table. The U.S. government has warned U.S. and European phone carriers against Huawei because it considers the company a security risk.
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Yum Brands ends 2019 strong, but China virus could cut sales
KFC owner Yum Brands ended 2019 with better-than-expected sales, but the impact of the new virus in China could weigh heavily on its first quarter results. Yum said Thursday that fourth quarter revenue rose 9% to $1.7 billion. That beat Wall Street’s forecast of $1.65 billion, according to analysts polled by FactSet. Adjusted for one-time items, Yum earned $1 per share, which fell short of Wall Street’s forecast for $1.13.
