Shares of Beyond Meat (NASDAQ:BYND) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.92, which beat analysts’ consensus estimate of -$1.01 per share. Sales decreased by 15.8% year-over-year, with revenue hitting $92.2 million. This beat analysts’ expectations of $91.72 million.
Management offered some guidance going forward as well. Net revenues for the full-year 2023 are now expected to come in between $375 million and $415 million, well in line with analyst consensus projections calling for $389.44 million. However, that also anticipates a reduction compared to the figures from 2022, with the shortfall coming in between 1% and 10% short.
Overall, BYND stock has a Moderate Sell consensus rating based on four Holds and five Sells assigned in the past three months.