Beyond Meat shares tumble on disappointing Q1

Beyond Meat Results
Posted at 11:51 AM, May 12, 2022
and last updated 2022-05-12 14:51:14-04

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.