2/24, 10:11 PM (Source: TeleTrader)
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Beyond Meat Q4 revenues drop 1.2% to $100.7M

Los Angeles-based manufacturer of meat alternatives Beyond Meat announced on Thursday that its revenue for the fourth quarter of 2021 decreased 1.2% year-over-year, amounting to $100.7 million. The company also suffered a net loss of $80.4 million, or $1.27 per common share.

On an annual level, Beyond Meat's net revenues were $464.7 million, an increase of 14.2% compared to the total of 2020. Still, the firm experienced an annual net loss of $182.1 million, or $2.88 per common share.

"In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. foodservice channel net revenues as COVID-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category," the company's President and CEO Ethan Brown commented.

Following the release of the earnings report, the company's shares were down by 10.98% during after-hours trading.

Baha Breaking News (BBN) / SP