Chocolate maker and cocoa processor Barry Callebaut reported a lower sales volume than expected for its first quarter on Wednesday, hit by delayed orders as its clients renegotiate product prices with retailers amid record high cocoa costs.

The chocolate company’s shares fell after it missed sales volume expectations and cut its guidance for fiscal 2025 as soaring cocoa bean prices drag demand.

Barry Callebaut, the Swiss chocolate maker, has reported a decrease in sales volume for the first quarter of its 2025 fiscal year, leading to a negative watch for U.S. and European chocolate companies.