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5/6, 10:08 PM (Source: TeleTrader)
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Beyond Meat misses estimates with Q1 revenue of $108.2M

American producer of plant-based meat substitutes Beyond Meat announced on Thursday the company's revenue in the first quarter of 2021 landed at $108.2 million, up by 11.4% on the year but below analyst projections given the impact of the coronavirus pandemic on its business.

Meanwhile, the company missed estimates with a loss per share of $0.43 as well. "We were pleased to see sequential improvement in our revenue growth and gross margin performance despite continued COVID-19 pressure on our foodservice business," CEO Ethan Brown commented on Beyond Meat's results this past quarter.

Shares of the Los Angeles-based company fell 2.08% to $119.04 in after-hours trading.

Breaking the News / JC