Amazon Develops a New Air Cargo Facility and Beyond Meat Forecasts 3rd Quarter Revenue 🛫

Amazon Develops a New Air Cargo Facility and Beyond Meat Forecasts 3rd Quarter Revenue

Amazon

Amazon.com is a vast Internet-based enterprise that sells books, music, movies, housewares, electronics, toys, and many other goods, either directly or as the middleman between other retailers and Amazon.com’s millions of customers. AWS is Amazon’s industry leading platform and has become a key aspect of the company’s revenue and overall growth.

Recently, Amazon has made an agreement with the Port Authority of New York & New Jersey to develop an air-cargo facility at Newark Liberty International Airport. Although Amazon ships their products in many ways, one of the primary ways is through air. The airport agreement is the newest addition to Amazon Global Air, the company’s cargo airline.

Amazon will be putting in $125 million to transform two existing buildings at the airport and will be renting the space over a 20-year lease.

Beyond Meat

Beyond Meat is a Los Angeles-based producer of plant-based meat substitutes founded in 2009 by Ethan Brown. The company’s initial products were launched in the United States in 2012. The company has products designed to emulate beef, meatballs, ground meat, and pork sausage links and patties.

Yesterday, Beyond Meat forecasted their third-quarter revenue which has come below estimates. The reasoning comes because of uncertainty related to rising COVID-19 cases, more specifically infection rates in the fast-food restaurant sector.

The company expects third-quarter net revenue between $120 million and $140 million, lower than analyst estimates of $153.3 million, according to IBES data from Refinitiv. The entire sector is projected to be cooling off from the highs built up in the past year with food-service sales up 218%.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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