Beyond Meat misses quarterly results estimates on persistent demand struggles

March 31 (Reuters) - Faux meat ‌maker Beyond ​Meat missed ​Wall Street estimates for fourth-quarter sales and posted a larger-than-expected operating loss on Tuesday due to sluggish demand ‌for its higher-priced processed food products.

Beyond Meat has struggled ⁠to revive the initial enthusiasm for its products as budget-conscious consumers opt for ‌cheaper, fresh animal-based alternatives over ‌processed alternatives, while it also battles mounting costs.

Shares of the company, which saw a meme-stock frenzy last year, were down about ​8% in extended trading.

Here are some key details:

* The company's quarterly revenue declined 19.7% to $61.6 million, compared with analysts' average estimate ⁠of $62.6million, according to data compiled by LSEG. * For the quarter ended December 31, it also ​reported anadjusted EBITDA loss of $69 million, wider than estimates of a$19.8 million loss and $26 million a year ​ago. * Results reflect "ongoing headwinds in the plant-basedmeat category ‌as well as the financial impact of severalrestructuring charges," CEO Ethan Brown said. * Beyond Meat said it ⁠was unable to estimate when its annualreport will be filed. Earlier this month, the company said itwould delay its annual report after identifying materialweaknesses ⁠in controls related to inventory accounting,including excess or obsolete stock. * The company had ​also delayed the release of its quarterlyresults, citing the need for additional time to completeinternal processes. It had similarly delayed its third-quarterreport last year while ‌assessing an impairment charge tied tocertain assets. * The company, which had withdrawn its annual sales targetin May ‌last year, had recorded revenue growth following itsblockbuster public debut in 2019 ⁠due to aggressive marketing andinnovation. * ‌Beyond sees first ​quarter net revenue between $57 millionand $59 million, below expectations of $66.8 million.

(Reporting by Neil J Kanatt in Bengaluru; Editing by ‌Leroy Leo)

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