Beyond Meat stock jumps despite earnings miss and job cuts

Yahoo Finance Live looks at Beyond Meat's stock following the organic protein producer's latest earnings report and cuts to revenue and jobs.

Video transcript

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SEANA SMITH: It's time for our Triple Play. Three stocks that we're watching here as we head into the final 30 minutes of the trading week.

First up, let's take a look at Beyond Meat now. Shares are rallying this afternoon its biggest intraday move since May. You can see the stock up just around 18.5%.

Now the gains today coming despite reporting a wider than expected loss also slashing its revenue outlook for the full year amid high inflation and increased competition. A big reason that we're seeing the pop in shares today is because of improving cash burn.

Now Mizuho, taking a positive look at this most recent release, noting some progress on controlling costs and that's easing concerns about liquidity. Beyond Meat also announcing that it is reducing its workforce by about 4%, Dan. Shares still off just about 43% year to date.

So the stock certainly has a way to go, but, Holly, at least a step in the right direction this afternoon.