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Beyond Meat Inc. (BYND) reported its first quarter financial results after the closing bell in the US on Wednesday.
The US plant-based meat producer reported revenue that fell short of analyst estimates at $109.455 million (up by 1.2% year-over-year) vs. $112.398 million expected.
Loss per share reported at -$1.58 per share, higher than estimate of -$0.97 loss per share.
”In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth,” President and CEO, Ethan Brown said in a press release after the results.
”Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission to bring plant-based meats and their attendant health, climate, natural resource, and animal welfare benefits to consumers around the world,” Brown added.
Beyond Meat Inc. chart
Shares of Beyond Meat were down by 13.83% at the end of trading day on Wednesday at $26 per share. The stock fell sharply in the after-hours trading following the disappointing first quarter results, down by over 22%.
Here is how the stock has performed in the past year:
Beyond Meat price targets
Beyond Meat Inc. is the 3547th largest company in the world with a market cap of $1.66 billion.
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Sources: Beyond Meat Inc., TradingView, CompaniesMarketCap
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