(Reuters) - Plant-based burger maker Beyond Meat Inc on Thursday reported quarterly revenue above analysts' estimates in its first results since going public, and said it expects to double its sales this year.
The company's shares jumped 16 percent in extended trading.
The company said it expects net revenue of $210 million, an increase of more than 140% compared to 2018. Analysts were expecting sales of $205 million, according to Refinitiv IBES data.
"We are in the early stages of achieving the growth that Beyond Meat is capable of," Chief Executive Officer Ethan Brown said in a statement, adding that the company is focused on increasing brand awareness, expanding distribution channels and launching innovative products.
Beyond Meat's burgers feel, smell and taste like real meat, but is made of yellow pea protein, canola oil and other vegetable starches.
The California-based company said net loss widened to $6.6 million in the three months ended March 30, from $5.7 million a year earlier.
Loss per share for the first quarter narrowed to 95 cents per share from 98 cents.
Net revenue came in at $40.2 million, an increase of 215%, the company said. Analysts had expected revenue of $38.9 million.
(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Jun 07, 2019 03:06:21 IST