Beyond Meat could extend its rally, with shares of the maker of meat alternatives surging in after-hours trading Thursday after the company delivered an upbeat outlook in its first-ever earnings report.Beyond Meat posted a first-quarter net loss of $6.6 million, compared with $5.7 million a year prior. On a per-share basis, Beyond Meat lost 95 cents, compared with 98 cents in the year-ago quarter.
Beyond Meat reported $40.2 million in net revenue, in line with the company’s expected range of $38 million to $40 million, which Beyond Meat issued at the time of its initial public offering. The revenue figure was also in line with the FactSet consensus, which called for $38.9 million. A year earlier, the company generated $9.6 million in revenue.
The plant-based meat maker saw its revenue breakdown split fairly evenly between the retail and food-service channels. Retail contributed $19.6 million to the top line, while food service accounted for $20.6 million.
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