Beyond Meat cuts revenue forecast, jobs as plant-based boom fizzles out
2022.08.04 23:34
FILE PHOTO: Products from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, U.S., June 5, 2019. REUTERS//File Photo
(Reuters) -Beyond Meat Inc lowered its forecast for 2022 revenue on Thursday and said it would cut several jobs at a time when demand for its plant-based products is fizzling out in the United States.
Shares in the company declined 6% in extended trading.
Analysts have said alternative meat makers should improve their products’ taste to attract consumers as a few restaurants including McDonald’s Corp (NYSE:MCD) have ended U.S. tests of their plant-based menu items without confirming a broader launch.
The company’s net revenue was $147 million for the second quarter, compared with $149.4 million a year earlier. Analysts polled by Refinitiv on average had expected $149.2 million.
The company forecast 2022 revenue between $470 million and $520 million. It had previously projected revenue for 2022 of $560 million to $620 million.
“The company is announcing a reduction-in-force affecting approximately 4% of its global workforce,” Beyond Meat (NASDAQ:BYND) said in a statement.
