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Beyond Meat shares drop as jerky costs drive $100.5M loss
Published May 12, 2022

https://www.fooddive.com/news/beyond-meat-earnings-jerky-100m-loss/623635/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-05-12%20Food%20Dive%20Newsletter%20%5Bissue:41713%5D&utm_term=Food%20Dive

Dive Brief:
Beyond Meat reported another slow quarter, with net revenues of $109.5 million — an increase of 1.2% over the same time last year — and a net loss of $100.5 million, or $1.58 a share. Adjusted earnings before interest, taxes, debt and amortization was a loss of $78.9 million.

After the plant-based meat company issued its quarterly report as markets closed on Wednesday, its stock price dropped more than 21% in after-hours trading. Beyond Meat’s share price was lower than its $25 initial public offering in 2019, but it quickly rebounded to a high of $29.10 once trading opened on Thursday morning.

Plant-based meat sales, once red-hot, have slowed considerably in recent months. Analysts have said this is caused by many factors, including consumer confusion by the large number of plant-based offerings, poor experiences with products and higher prices at the store.