Investing.com – Beyond Meat soared in after-hours Thursday after the plant-based food company said it had signed agreements with McDonald’s and Yum! Brands (NYSE:).
Beyond Meat (NASDAQ:) was up 2% in after hours trading.
Under the three-year global strategic agreement with McDonald’s, Beyond Meat’s will be the preferred supplier for the patty in McDonald’s McPlant burger, a new plant-based burger being tested in select McDonald’s (NYSE:) markets globally. The relationship between the two began in 2019 with the Canadian test of a sandwich made with Beyond Meat’s plant-based patty.
Beyond Meat and Yum! Brands, meanwhile, will co-create and offer plant-based protein menu items at KFC, Pizza Hut and Taco Bell over the next several years.
The positive update offset fourth-quarter results that fell short of Wall Street estimates.
The meatless-based products company reported a loss of 34 cents a share on revenue of $101.9 million, missing consensus .
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