Investing.com -- Beyond Meat reported Wednesday quarterly results that topped Wall Street estimates as cost cuts helped boost margins.
Beyond Meat (NASDAQ:BYND) was up more than 8% in aftermarket hours following the report.
The company reported a loss of 92 cents per share on revenue of $92.2 million, topping analyst estimates for a loss of $1.02 a share on revenue of $91.7M.
The better-than-expected results were driven by a jump in gross margin to 6.7% from 0.2% in the year-ago period, underpinned by lower costs.
Looking ahead, the company reaffirmed its forecast for revenues to be in the range of approximately $375M to $415M, representing a decrease of approximately 10% to 1% compared to 2022.
Gross margin, however, was now expected to be 1% to 2% points above prior guidance of the low double-digit range for the full year, following an accounting change.