Beyond Meat (NASDAQ:BYND) experienced a significant drop in its shares, falling more than 13% in pre-market today after the company reported a quarterly loss that was wider than expected, alongside a decline in annual revenue.

The company reported a loss of $0.72 per share for the first quarter of 2024, which was worse than the anticipated $0.66 loss per share. Revenue for the quarter was $75.6 million, down 18% from the previous year, but slightly above the consensus estimate of $75.37 million.

In response to financial pressures, Beyond Meat increased its prices this quarter. However, volume decreased by 16.1%, indicating that consumers are reducing their spending. Additionally, despite these price hikes, the company's profit margins were impacted by increasing manufacturing and material costs. The gross margin for the quarter was 4.9%, a decrease from the 6.7% recorded the previous year.

Looking ahead to the full year 2024, Beyond Meat is projecting revenue in the range of $315 million to $345 million, which closely aligns with the midpoint consensus estimate of $329.8 million.