Beyond Meat reported its second-quarter earnings on Monday, and traders called the news mixed.
Wall Street analysts expected a loss of 8 cents per share, but the company reported a loss of 24 cents per share. Second quarter revenue, however, was better than expected, $67.3 million vs. analysts expectations of $52.7 million.
Shares of the company ticked up 1% in extended trading.
“We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer.
“Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.”