March 31 (Reuters) – Faux meat maker Beyond Meat missed Wall Street estimates for fourth-quarter sales and posted a larger-than-expected operating loss on Tuesday due to sluggish demand for its higher-priced processed food products.
Beyond Meat has struggled to revive the initial enthusiasm for its products as budget-conscious consumers opt for cheaper, fresh animal-based alternatives over processed alternatives, while it also battles mounting costs.
Shares of the company, which saw a meme-stock frenzy last year, were down about 8% in extended trading.
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(Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)
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