By Dee-Ann Durbin | Associated Press
Beyond Meat on Thursday reported better-than-expected fourth-quarter sales despite flagging consumer demand and lower prices.
The plant-based meat maker said its revenue fell 21% to $80 million in the October-December period. Still, that beat Wall Street’s expectations. Analysts polled by FactSet were forecasting revenue of $75.8 million.
Beyond Meat’s shares jumped 14% in after-hours trading.
The El Segundo, California-based maker of plant-based burgers, sausages, nuggets and other products said its sales volumes continued to decline despite price cuts in the U.S. and Europe. The strong dollar also hurt profits from abroad, the company said.
Beyond Meat’s net loss narrowed to $66.9 million for the