Beyond Meat Q1 results beat as cost cuts beef up margins

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Beyond Meat Q1 results beat as cost cuts beef up margins

Investing.com -- Beyond Meat reported Wednesday quarterly results that topped Wall Street estimates as cost cuts helped boost margins. 

Beyond Meat (NASDAQ: BYND ) was up more than 8% in aftermarket hours following the report.

The company reported a loss of 92 cents per share on revenue of $92.2 million, topping analyst estimates for a loss of $1.02 a share on revenue of $91.7M.   

The better-than-expected results were driven by a jump in gross margin to 6.7% from 0.2% in the year-ago period, underpinned by lower costs. 

Looking ahead, the company reaffirmed its forecast for revenues to be in the range of approximately $375M to $415M, representing a decrease of approximately 10% to 1% compared to 2022. 

Gross margin, however, was now expected to be 1% to 2% points above prior guidance of the low double-digit range for the full year, following an accounting change.

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