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Beyond Meat beats revenue estimates, raises forecast as demand sizzles

Beyond Meat beats revenue estimates, raises forecast as demand sizzles
FILE PHOTO: A Beyond Meat burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. REUTERS/Shannon Stapleton -
Shannon Stapleton(Reuters)
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(Reuters) – Beyond Meat Inc <BYND.O> beat second-quarter revenue estimates and raised its full-year forecast on Monday, as the company’s plant-based burgers and sausages saw booming demand with consumers looking to try meat alternatives.

The company’s shares flitted between gains and losses in extended trading and were last up 3%. They have surged over 780% since the IPO in May as the company’s meat alternatives have entered the menus of restaurants such as Carl’s Jr and on shelves of grocers including Kroger Co <KR.N>.

Net revenue rose nearly four-fold to $67.3 million in the three months ended June 29, above Wall Street’s estimate of $52.71 million, according to Refinitiv IBES data.

The company said it expects net revenue to rise over 170% to $240 million in 2019, up from the prior $210 million it had forecast just last month.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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