Beyond Meat's Q3 revenue disappoints due to lower demand and negative consumer sentiment, leading to lowered outlook and job cuts

Business
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  • 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.