JBS NV's stock plummeted 6.02% in pre-market trading on Wednesday.

The meatpacker reported a sharp decline in first-quarter earnings, with profit falling to $0.21 per share from $0.47 a year earlier, despite revenue growth. The earnings drop reflects pressure from rising cattle prices in the U.S. market.

JBS faces challenges from a shortage of U.S. cattle, which has driven up costs and squeezed profit margins. The company noted that increasing beef imports could help lower prices for consumers, but current market conditions are impacting profitability.