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Beyond Meat Inc (NASDAQ: BYND) reported high quarterly losses as it offered big discounts to the customers and spent heavily on product launches.
Shares of the company fell 20% in extended trading on Wednesday.
The plant-based protein maker reported loss of $1.58 per share in the first quarter, higher than expectations of $1.01. The company posted loss of 43 cents per share in the same quarter last year.
High manufacturing and shipping costs led to the poor performance in the quarter, the company said.
Beyond Meat also blamed its latest launch of a plant-based jerky with PepsiCo Inc for the results.
"To launch a first-time product at such a large scale and prior to the establishment of our own dedicated and streamlined process, we had to do so in an expensive and inefficient manner," Chief Financial Officer Philip Hardin said on an earnings call.
Revenue in the quarter rose to $109.5 million, missing Wall Street's expectations of $112.3 million, according to Refinitiv.
Picture Credits: Reuters
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