Beyond Meat, Inc. (BYND) saw its stock plunge over 7% in after-hours trading on November 6, 2024, despite reporting better-than-expected results for the third quarter of 2024. The plant-based meat company's revenue of $81 million for Q3 beat analysts' estimates of $80.7 million, representing a 7.6% year-over-year increase and marking the company's first quarter of revenue growth since early 2022.
The revenue growth was driven by a 15.8% increase in net revenue per pound, as Beyond Meat implemented pricing actions and reduced trade discounts. However, this was partially offset by a 7.1% decline in volume of products sold, reflecting weaker demand as cost-conscious consumers switched to cheaper alternatives.
Beyond Meat also reported an adjusted earnings per share loss of $0.41, narrower than the expected loss of $0.44 per share. Additionally, the company's gross margins improved significantly to 17.7%, compared to negative 9.6% in the year-ago quarter, aided by the pricing actions and lower costs.
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