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Stock Market News Live Updates: European Gas Prices Jump

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Stock Market News Live Updates: European Gas Prices Jump

Beyond Meat’s shares tumbled in premarket trading after the meat-alternative maker posted a wider-than-expected loss.

The California-based company reported late Wednesday a loss of $100.5 million for the quarter ended April 2, compared with a loss of $27.3 million a year earlier.

Shares of Beyond Meat fell as much 27% premarket Thursday, trading well below the 2019 initial public offering price of $25. Through the close Wednesday, the stock was down around 60% on the year.

Production of the company’s jerky, which made its debut in US grocery stores in March, was expensive and inefficient, said Phil Hardin, Beyond Meat’s financial chief, with some individual batches being processed across different facilities.

Like other food makers, the company is battling inflation that is pushing consumers to buy staples in smaller quantities and switch to cheaper, store-name brands.

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