Beyond Meat is a food processing company that specializes in providing plant-based meat.
Beyond Meat is a Los Angeles–based producer of plant-based meat substitutes founded in 2009 by Ethan Brown. The company’s initial products were launched in the United States in 2012. The company offers plant-based options in the beef, pork and poultry categories. As of March 2021, Beyond Meat products are available in approximately 118,000 retail and foodservice outlets in over 80 countries worldwide.
Ahead of the earnings report, the shares of Beyond Meat (BYND) closed Wednesday’s trading session down 13.83%.
Beyond Meat said grocery sales volume in the US during Q4 lost 19.5% to $49.98 million. The company tied the sales slump to low demand, high discounts, market share loss, and five fewer shipping days than the previous year.
Beyond Meat reported a loss per share of 31 cents during the second quarter of 2021 against an estimated loss per share of 24 cents according to Refinitiv.