A Beyond Meat burger. Photo: Mairo Cinquetti/NurPhoto via Getty Images

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.

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Aug 11, 2020 - Technology

Facebook steps up hate speech crackdown, removing 22.5 million posts in Q2

Mark Zuckerberg. Photo: Tobias Hase/picture alliance via Getty Images

Facebook took down 22.5 million posts for hate speech during the second quarter of this year, more than ten times the number it removed in the same quarter last year and more than twice the number removed in the first quarter of 2020.

Why it matters: The company is facing enormous pressure from the advertising and civil rights communities to address hate speech on its platforms. Last month, civil rights groups initiated a Facebook ad boycott that was joined by over 1,000 advertisers.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

U.S. cities' lagging climate progress

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Reproduced from a Brookings Institution report; Chart: Axios Visuals

A just-published Brookings Institution analysis of U.S. cities' pledges to cut carbon emissions reveals very mixed results.

Why it matters: The potential — and limits — of city and state initiatives have gotten more attention amid President Trump's scuttling of Obama-era national policies.

New state unemployment filings fall to 787,000

Photo: Joe Raedle/Getty Images

First-time applications for unemployment fell last week, according to Department of Labor data released on Thursday.

Between the lines: The overall number of Americans relying on unemployment also fell to a still-staggering 23 million. But there are continued signs of labor market strain, with more people shifting to an unemployment program designed for the long-term jobless.