Beyond Meat revenue falls in Q1 on weak demand for plant-based meat in US and abroad

Beyond Meat reported higher-than-expected revenue in the first quarter despite lower demand for its plant-based meats in the U.S. and abroad.

The El Segundo, California-based company said its revenue fell 18% to $75.6 million in the January-March period. That was slightly higher than the $75.2 million Wall Street expected, according to analysts polled by FactSet.

It was the eighth straight quarter the company reported year-over-year revenue declines.

Beyond Meat said U.S. retail demand was soft despite discounts on its products. The company said sales also fell compared to last year because it discontinued its Beyond Meat Jerky. U.S. retail and food service sales were both down 16%.