Beyond Meat Gets Ground Up in Q1, Offers Hope for Q2

·4-min read
Beyond Meat Gets Ground Up in Q1, Offers Hope for Q2

The plant-based meat alternative is still confronting the drag of the global pandemic on foodservice sales, while also going up against some tough comparables from last year when revenue soared 141%, though management says there may be a light at the end of the tunnel. Revenue rose 11% in the first quarter to $108.2 million, missing analyst expectations of $113.8 million, but adjusted losses widened to $26.2 million, or $0.42 per share, or more than double the $0.19 per share Wall Street had forecast. Reality diverged from expectations because COVID-19 continues to impact its foodservice business, where revenue tumbled 26% year over year to $16.7 million in the U.S., and plunged 44% internationally to $10.4 million.

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