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- Beyond Meat posted wider-than-expected quarterly loss and an 18% drop in revenue as its higher priced plant-based meat products hit volumes.Demand for Beyond Meat's products - including burger patty, sausages and ground beef - weakened as their customers such as McDonald's and Yum Brands saw sluggish consumer demand owing to sticky inflation.While Beyond Meat increased its prices in the current quarter, the company's volumes fell 16.1% as consumers kept a tight lid on spending.
In its U.S. food service segment, the company's revenue fell 16.2% to $12.3 million, compared to a decline of 5.3% to $14.7 million a year ago. On adjusted basis, Beyond Meat reported loss of 72 cents per share for the current quarter, compared with analysts' estimates of a loss of 67 cents per share.Shares of the company, which maintained its forecasts for annual revenue and gross margin, were down about 10% in trading after the bell.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.
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