off-the-wire

UPDATE 1-Beyond Meat reports smaller quarterly loss on cost cuts, higher demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background in paragraph 3, 4 & 5) May 10 (Reuters) - Beyond Meat reported a smaller quarterly loss on Wednesday, benefiting from easing supply chain pressures, cost control measures and higher demand for its plant-based meat products, sending its shares up 11% in extended trading. Beyond Meat joined a list of U.S. companies including Facebook-parent Meta Platforms and Amazon.com that have cut jobs in recent weeks to rein in costs amid growing recessionary fears.


The plant-based meat producer said in October it planned to cut 200 more jobs this year, which is expected to lead to savings of about $39 million. Customers weary of an economic downturn have been opting for more affordable and cheaper food items as towering rental and interest rates eat into their disposable income.


Total operating expenses fell to $63.9 million from $97.8 million a year earlier.


The company's net loss narrowed to $59 million, or 92 cents per share, in the first quarter, from $100.5 million, or $1.58 per share, last year.


Net revenue fell to $92.2 million in the first quarter, from $109.5 million a year earlier. Analysts on average had expected $90.8 million, as per Refinitiv IBES data.


(Reporting by Ananya Mariam Rajesh in Bengaluru Editing by Vinay Dwivedi)

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