Two recent IPOs are still on fire after announcing hot results in their first quarterly reports as public companies.
Beyond Meat (BYND) ripped 34 percent after pro-forma losses were just $0.14 per share — a penny better than feared. Revenue also came in about $200,000 higher than expected.
The numbers painted a picture of strong adoption for the company’s core Beyond Burger product, with growth from both new and existing customers. Management also sees profitability earlier than expected by analysts.
BYND uses plant-based ingredients like pea proteins, rice and mung beans to create alternatives to meat. While other major food companies are working to create similar products, investors are embracing BYND as the first-mover in an market with huge growth potential.
Zoom Video Communications (ZM) is the other high-flying recent IPO. The provider of conferencing software also enjoyed strong customer growth, including higher-grossing large enterprises. Earnings, revenue and guidance all beat estimates and now the buzz is turning to a new phone service that could help widen adoption.
ZM went public on April 16 for $36, above its proposed range. It shot to $63 on its opening day and never closed under $60. It’s currently trading over $95, up more than 20 percent on the session.
BYND issued shares for $25 on May 2, then opened at $46 that day. It’s currently over $130.