Summary by Moomoo AI
Beyond Meat, Inc., a leader in plant-based meat alternatives, reported its financial results for the first quarter ended March 30, 2024, on May 8, 2024. The company experienced a decrease in net revenues by 18.0% year-over-year, amounting to $75.6 million. Gross profit also declined to $3.7 million, with a gross margin of 4.9%, compared to the previous year's $6.2 million and a gross margin of 6.7%. The loss from operations widened to $53.5 million, while the net loss was $54.4 million, or $0.84 per common share. Adjusted for a $7.5 million accrual related to a consumer class action settlement, the adjusted loss from operations was $46.0 million, and the adjusted net loss was $46.9 million, or $0.72 per diluted common share. Despite the downturn, Beyond Meat's CEO Ethan Brown highlighted progress towards...Show More