Tyson Foods falls after earnings tumble as inflation-weary customers are buying less meat

• Tyson Foods slumped nearly 6% after missing Wall Street estimates for quarterly profits.
• The meat processor said fiscal first-quarter earnings sank 70% from a year ago.
• "We got hit in the mouth in Q1 because of all the protein on the market," Tyson CEO Donnie King said.

Tyson Foods stock tumbled after posting weak quarterly results on Monday as falling meat prices took a bite into the company's profits. 

Shares of the meat processor fell as much as 6% to $60.11, notching its biggest intraday decline since November. 

The Arkansas-based firm's fiscal first-quarter earnings plunged 70% from a year ago to 85 cents a share, missing analysts' estimates of $1.35 a share, according to FactSet. Sales rose 2.5% to $13.26 billion.