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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.

Go deeper

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
10 mins ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — and will begin an intense battle with the oil industry.

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.