Beyond Meat Inc (NASDAQ:BYND) saw its first-quarter 2023 net loss narrow to $59.0 million, or $0.92 per share, from $100.5 million, or $1.58 per share, during the same period last year, as the plant-based meat company benefitted from easing supply chain pressures, cost control measures, and greater demand for its plant-based meat products.
Beyond Meat’s net revenues for the quarter, though, fell 15.7% year-over-year to $92.2 million.
Analysts surveyed by FactSet had expected a net loss of $1.01 a share on revenue of $91.7 million.
"Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth,” Beyond Meat CEO Ethan Brown said in a statement.
“We are pleased to report strong progress for the second full quarter of this strategy; cash use and net loss are substantially improved on a sequential and year-over-year basis: gross margin is up on a sequential and year-over-year basis; and we delivered net revenues consistent with guidance,” he added.
The company’s total operating expenses for the period fell to $63.9 million from $97.8 million a year earlier.
Shares of Beyond Meat jumped about 10% in Wednesday’s after-hours session.
Contact Sean at sean@proactiveinvestors.com