Beyond Meat shares tumble on disappointing Q1

By DEE-ANN DURBIN
AP Business Writer

Plant-based meat company Beyond Meat reported lower-than-expected revenue 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. That fell short of Wall Street’s forecast. Beyond Meat’s shares tumbled 24% in after hours trading. Beyond Meat said the total volume of products sold in the first quarter rose by 12%, but net revenue per pound dropped 10% as it cut prices. The company’s earnings also fell short of forecasts after taking a hit from the expensive launch of Beyond Meat Jerky.