JBS NV's stock plummeted 7.47% during intraday trading on Wednesday.

The sharp decline follows the meatpacker's reported first-quarter earnings, which showed profit falling to $0.21 per share from $0.47 a year earlier, despite revenue growth. The earnings drop reflects significant pressure from rising cattle prices in the U.S. market, which has squeezed the company's profit margins.

JBS faces challenges from a shortage of U.S. cattle, a situation exacerbated by drought in the western U.S. that is burning up grazing land and preventing herd expansion. The company's CEO noted that increasing beef imports could help lower prices for consumers, but current market conditions are directly impacting profitability.