Mike
1
- Beyond Meat missed market expectations for quarterly revenue and posted a wider-than-expected loss
- The company has been offering steeper discounts due to weak demand for plant-based meat
- Consumer sentiment about plant-based meat and its health benefits has declined
- Net revenue for the third quarter fell 8.7% to $75.3 million, lower than analysts’ estimate of $85.4 million
- Beyond Meat’s shares have fallen almost 45% this year
- Consumers in the U.S. prefer animal proteins over pricier plant-based alternatives
- The company trimmed its annual revenue forecast and lowered its gross margin expectations
- Beyond Meat announced job cuts as part of a cost-reduction plan
- For the period ended Sept. 30, Beyond Meat posted a loss of $1.09 per share, higher than market expectations of a loss of 89 cents per share.