Is the Competition Taking a Huge Bite out of Beyond Meat's Business?
Life hasn't been easy recently for Beyond Meat (NASDAQ: BYND), once upon a time the big cheese in the alt-protein industry. Wednesday following market close, however, the company delivered another disappointing quarter, sending its share price hurtling south by almost 23% in after-hours trading. The company isn't the only one of its kind on the market, and that's affecting its performance.
For its first quarter of this year, Beyond Meat's revenue came in at $109.5 million. That was slightly over 1% higher than in the same period of 2021. While the volume of products sold rose at a 12% pace, this was offset by lower prices due to factors like trade discounts and foreign currency impacts from sales to non-U.S. customers.
Image source: Beyond Meat.
Source Fool.com
