Beyond Meat's revenue soars in first quarter
Beyond Meat reported Tuesday net revenue of $97.1 million in the first quarter, a 141% increase from a year ago for the plant-based meat maker.
Why it matters: The company's earnings report stood in stark contrast to the "real" meat production industry, which has had to shut down plants and face broken supply chains amid the coronavirus pandemic, leading to consumer shortages and an increase in beef and pork prices.
By the numbers: Beyond Meat's revenue win outpaced analysts' expectations of $88.3 million, according to CNBC.
- The company's shares rose about 5% in after-hours trading.
What they're saying: "I am proud of our first-quarter financial results, which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis," CEO Ethan Brown said.
What's next: The company said it saw a drop in sales in March as the virus shut down restaurants around the world and withdrew its earnings forecast for the year.