Beyond Meat, Inc. (NASDAQ: BYND) Wednesday reported a wider loss for the first quarter of 2022 despite a modest increase in revenues. The results missed Wall Street’s projection.
The El Segundo-based company, a pioneer in plant-based meat substitutes, reported a loss of $1.58 per share for the March quarter, on an adjusted basis, which is wider than the previous year’s loss of $0.42 per share. Analysts were looking for a smaller loss for the latest quarter.
The reported net loss was $100.5 million or $1.58 per share, compared to a loss of $27.3 million or $0.43 per share in the first quarter of 2021. Meanwhile, revenues increased 1% annually to $109.5 million but missed expectations.
Check this space to read management/analysts’ comments on Beyond Meat’s Q1 results
“In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth,” said Ethan Brown, chief executive officer of Beyond Meat.
