Los Angeles-based manufacturer of plant-based meat alternatives Beyond Meat announced on Tuesday that its revenue for the fourth quarter of 2023 amounted to $73.7 million, a 7.8% decrease compared to the same time the year prior. According to the same report, the net revenue for the twelve months ending December 31 was $343 million.
Net loss for the quarter was $155.1 million, or $2.40 per common share, versus a net loss of $66.9 million, or $1.05 per common share, in the prior year period. For the year, the net loss was $338.1 million, or $5.26 per common share, compared with a net loss of $366.1 million, or $5.75 per common share, in the year-earlier period.
The company has projected its net revenues in 2024 to fall between $315 million and $345 million. Specifically, for the first quarter of 2024, net revenues are anticipated to lie within the $70 million to $75 million range, reflecting management's best estimates given today's economic landscape.
Following the release of the report, Beyond Meat shares rose 32% in after-hours trading in New York.
