Beyond Meat revenue drops as it cuts prices to boost demand

By AP News

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Plant-based meat maker Beyond Meat said its revenue fell 22.5% in the third quarter as it cut prices in the face of weaker demand

Beyond Meat Results

Plant-based meat maker Beyond Meat said its revenue fell 22.5% in the third quarter as it cut prices in the face of weaker demand.

The El Segundo, California-based company reported net revenue of $82.5 million for the July-September period. That was far lower than the $93.6 million Wall Street had forecast, according to analysts polled by FactSet.

Beyond Meat said its net loss nearly doubled to $101.7 million for the quarter. The loss, of $1.60 per share, was also higher than the $1.15 per-share loss analysts had forecast.

Beyond Meat President and CEO Ethan Brown said record inflation is hurting the plant-based meat category, causing consumers to shift to lower-priced store brands or cheaper animal meat.

Last month, the company cut 200 jobs, or around 19% of its workforce, in an effort to trim costs. It also lowered its revenue outlook for the year.

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Consumer Discretionary

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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