(Reuters) -Beyond Meat Inc on Thursday forecast current-quarter revenue below Wall Street estimates, as a gradual reopening of fast-food restaurants following COVID-19 vaccinations encourage people to step out and cook less at home.
Shares of the California-based company fell about 4% in extended trading.
The company last year benefited from consumers stockpiling their freezers with bulk packages of its burger during stay-at-home orders across the United States. But as restrictions eased, consumers eager to dine out and socialize have reduced making their meals at home.
Beyond Meat, which now sells its faux-meat burgers and sausages in over a hundred thousand outlets worldwide, expects second-quarter revenue in the range of $135 million to $150 million, a rise of 19% to 32%.
Analysts had forecast revenue of $142.8 million, according to IBES data from Refinitiv.
For the first quarter, net revenue about rose about 11% to $108.2 million in the first quarter ended April 3, but missed estimates of $113.7 million.
(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila)
