EL SEGUNDO, Calif. (AP) — Plant-based meat company Beyond Meat reported lower-than-expected revenue in the first quarter as it slashed prices and demand from restaurants fell.
The El Segundo, California, company said its revenue rose 1.2% to $109.5 million in the January-March period.
That fell short of Wall Street's forecast. Beyond Meat's shares tumbled 24% in after hours trading.
Beyond Meat said the total volume of products sold in the first quarter rose by 12%, but net revenue per pound dropped 10% as it cut prices.
The company's earnings also fell short of forecasts after taking a hit from the expensive launch of Beyond Meat Jerky.