Beyond Meat reports narrowing loss but declining sales

Beyond Meat Inc.’s
BYND,
-5.02%
stock was flat in after-hours trading Wednesday after the fake-meat maker posted quarterly results that topped analyst revenue and earnings estimates. Beyond Meat reported a fiscal third-quarter net loss of $70.5 million, or $1.09 a share, compared with a net loss of $101.7 million, or $1.60 a share, in the same quarter last year. Revenue declined 9% to $75.3 million. Analysts surveyed by FactSet had expected on average a net loss of 89 cents a share on revenue of $86.5 million. Beyond executives project annual revenue of between $330 million and $340 million; FactSet analysts were expecting $361.5 million. Shares of Beyond Meat have plummeted 46% this year, while the broader S&P 500 index
SPX,
+0.10%
has advanced 14%.