May 6 (Reuters) – Beyond Meat forecast current-quarter revenue below Wall Street expectations on Wednesday, as it grapples with sluggish demand for its once-iconic plant-based products.
The company expects quarterly revenue of $60 million to $65 million, lower than analysts’ expectations of about $67 million, according to data compiled by LSEG.
• Beyond Meat shares, which closed higher by about 13% on Wednesday, fell 9% in extended trading to about 94 cents.
• The company, which has struggled to revive the initial enthusiasm for its faux-meat products, has been rolling out new products to drum up demand.
• Earlier this year, it entered into new plant-based categories, launching products such as Beyond Immerse protein drinks, catering to protein-conscious consumers.
• For the first quarter, Beyond Meat posted revenue of $58.2 million, compared with analysts’ average estimate of $58.1 million.
• The company reported a loss of 10 cents per share for the quarter on an adjusted basis, compared with a loss of 77 cents per share a year earlier.
• Beyond Meat had filed its delayed annual report on April 9 after identifying material weaknesses in inventory accounting controls, including issues related to excess or obsolete stock, thereby avoiding the need to submit a formal plan to regain Nasdaq compliance.
(Reporting by Neil J Kanatt and Padmanabhan Ananthan in Bengaluru; Editing by Jonathan Ananda)
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