Beyond Meat, Inc. (NASDAQ: BYND) shares plummeted 5.12% in pre-market trading on Thursday following the release of disappointing first-quarter results, the withdrawal of its full-year revenue guidance, and subsequent analyst downgrades. The plant-based meat company faces challenges amid ongoing economic uncertainties and operational adjustments.

Beyond Meat reported revenue of $68.73 million for the first quarter, falling short of the estimated $75.01 million. The company also posted an adjusted loss of 67 cents per share, exceeding the anticipated loss of 48 cents. In light of the uncertain and volatile macroeconomic conditions, Beyond Meat withdrew its full-year guidance and limited its revised outlook to second-quarter net revenue expectations of $80 million to $85 million, which is below analyst estimates of $93.47 million. CEO Lubi Kutua cited "unforeseen impacts" on the company's actual realized results as a reason for the cautious outlook.

Following the earnings report, several analysts adjusted their price targets for Beyond Meat stock. Bernstein cut its target price to $2.5 from $6, while Barclays lowered its target to $2 from $3. These downgrades reflect growing concerns about the company's near-term prospects and its ability to navigate the challenging economic environment. Beyond Meat also disclosed $7 million in extraordinary expenses during the first quarter, including costs related to the suspension of its operational activities in China.

While Beyond Meat grapples with its specific challenges, the broader U.S. stock market showed signs of resilience. Major indices were poised to open higher on Thursday, following the Federal Reserve's decision to hold interest rates steady. However, Beyond Meat's significant underperformance highlights the company's ongoing struggles in an increasingly competitive plant-based food market.