Summary by Moomoo AI
Beyond Meat, a leader in plant-based meat products, reported a decrease in net revenues for the first quarter of 2024, with a total of $75.6 million compared to $92.2 million in the same period of the previous year, marking an 18% decline. The company's net loss improved slightly to $54.4 million from $59.0 million year-on-year, with a net loss per share of $0.84, down from $0.92. Gross profit also fell by 40.7% to $3.7 million, with a gross margin decrease to 4.9% from 6.7%. The reduction in net revenues was attributed to a 16.1% decrease in the volume of products sold and a 2.3% decrease in net revenue per pound. The company faced challenges such as weak demand within the plant-based meat category and the discontinuation of Beyond Meat...Show More