(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)