Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
(Adds details from conference call, updates shares)
June 6 (Reuters) - Beyond Meat Inc said it expects to more than double its revenue this year, sending the plant-based burger maker's shares up over 21 percent.
The company, which also reported quarterly revenue above Wall Street estimates in its first results as a public company, said it expects net revenue of $210 million, an increase of more than 140% compared to 2018.
Analysts on average were expecting sales of $205 million, according to Refinitiv IBES data.
On a conference call with analysts, Chief Executive Officer Ethan Brown said the company's forecast is conservative as it does not include the current trials Beyond Meat is undertaking with fast-food chains in the United States.
Beyond Meat's burgers feel, smell and taste like real meat, but is made of yellow pea protein, canola oil and other vegetable starches.
The patties were a hit with consumers switching to a "flexitarian" diet, helping the company grow its sales five- fold since it began selling its flagship Beyond Burger in 2016.
"Beyond Meat is in a business that could be absolutely incredible," John Gillin, an analyst with Stansberry Research, said.
The stakes are high in the battle over supermarket real estate, as upstart Beyond Meat seeks to quickly carve out its place in the meat section in the face of pushback from meat producers before more plant-based rivals from Impossible Foods and Nestle SA hit the market.
Unlike some of its competitors, Beyond Meat avoids using genetically modified organisms as well as soy in its burgers, Brown said aiming to underprice animal protein to capture more market share in the future.
The California-based company said net loss widened to $6.6 million in the three months ended March 30, from $5.7 million a year earlier.
Loss per share for the first quarter narrowed to 95 cents per share from 98 cents.
Net revenue came in at $40.2 million, an increase of 215%, the company said. Analysts had expected revenue of $38.9 million. (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)