Plant-based meat company Beyond Meat reported lower-than-expected sales in the first quarter as it slashed prices and demand from restaurants fell.
The El Segundo, California, company said its revenue rose 1.2% to $109.5 million in the January-March period. Wall Street had forecast revenue of $112 million, according to analysts polled by FactSet.
Beyond Meat's shares tumbled 24% in after-hours trading.
Beyond Meat said its U.S. retail sales jumped 6.9% in the quarter, but that was mostly due to the introduction of Beyond Meat Jerky, a meatless jerky developed as part of a snack food partnership with PepsiCo. Beyond Meat said U.S. sales of its other products, including burgers and sausages, were lower than the prior year.
Beyond Meat said investments to support new products like the jerky also cut into profits. Beyond Meat reported a net loss of $100.5 million for the quarter, up from a loss of $27.3 million in the same period last year.
The loss, of $1.58 per share, was also far higher than the 97 cent loss analysts forecast.
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