Shares of Beyond Meat, Inc. (BYND) plunged over 8% in after-hours trading on Monday, despite the plant-based meat company beating analysts' estimates for the third quarter of 2024. The sell-off was triggered by concerns over weaker demand outlook and the company lowering its full-year revenue guidance.

For the third quarter, Beyond Meat reported revenue of $81 million, up 7.6% year-over-year, beating the consensus estimate of $80.7 million. The revenue growth was driven by a 15.8% increase in net revenue per pound, partially offset by a 7.1% decrease in volume of products sold.

The company also reported an adjusted loss of $0.41 per share, narrower than the expected loss of $0.44 per share. Gross margins improved significantly to 17.7%, compared to negative 9.6% in the year-ago quarter, aided by lower trade discounts and pricing actions.