Beyond Meat Shares Drop 20% on Q1 Earnings Miss

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Beyond Meat Shares Drop 20% on Q1 Earnings Miss
Credit: © Reuters.

Beyond Meat (NASDAQ: BYND ) shares drop more than 20% after-hours following the company’s reported Q1 results , with EPS of ($1.58) coming in significantly worse than the consensus estimate of ($1.01).

Revenue grew 1.2% year-over-year to $109.5 million, compared to the consensus estimate of $112.4 million. Total volume of products sold grew 12.4% year-over-year, largely offset by a decline in net revenue per pound of approximately 10%.

The company provided its full 2022-year outlook, expecting revenue in the range of $560-620 million, compared to the consensus estimate of $588.9 million.

Shares of Beyond Meat were down 60% year-to-date going into the results.

Davit Kirakosyan

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