Beyond Meat shares dive 8% despite strong quarter because food services, international sales declined

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Beyond Meat Inc. shares are down 8% in early-morning trading Wednesday because, once again, the alternative protein maker is an apparent victim of Wall Street expectations. On Tuesday, the company exceeded $100 million in quarterly revenue for the first time and beat earnings estimates. All told, Beyond has topped the Street’s sales expectations for all six quarters it has reported as a public company. The stock, however, has risen just twice following its quarterly disclosures. There were a couple reasons for investors’ caution. Food service sales, a category that includes restaurants, fell 61% year over year, a victim of the pandemic as more Americans ate at home. International sales, meanwhile, declined 17%. Beyond shares are up 81% in 2020. The broader S&P 500 index is up 3% this year.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.