EL SEGUNDO, Calif. (AP) — EL SEGUNDO, Calif. (AP) — Beyond Meat Inc. (BYND) on Wednesday reported a loss of $54.4 million in its first quarter.
On a per-share basis, the El Segundo, California-based company said it had a loss of 84 cents. Losses, adjusted for non-recurring costs, were 72 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 68 cents per share.
The plant-based meat company posted revenue of $75.6 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $77.7 million.
For the current quarter ending in June, Beyond Meat said it expects revenue in the range of $85 million to $90 million.
The company expects full-year revenue in the range of $315 million to $345 million.
Beyond Meat shares have decreased roughly 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.21, a fall of 37% in the last 12 months.
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