Beyond Meat Sales Fall Short on International Woes, Costs
- Company cites loss of a customer for foodservice sales decline
- High cost of producing new jerky product hurt profitability
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Plant-based burger maker Beyond Meat Inc. delivered first-quarter revenue that missed Wall Street’s expectations, underscoring the urgency facing the company as investors grow impatient for signs of improvement.
Revenue of $109.5 million in the quarter ended April 2 was below the average estimate of analysts compiled by Bloomberg. While US sales outpaced expectations, international sales missed. The company maintained its sales guidance in its release late Wednesday.