May 6, 2020 - Economy & Business

Beyond Meat's revenue soars in first quarter

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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Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

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Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

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The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.