Beyond Meat misses quarterly revenue estimates on slowdown in faux meat demand

(Reuters) -Beyond Meat on Wednesday missed Wall Street estimates for quarterly revenue as consumers trade down to cheaper alternatives from its pricier plant-based meat products in the face of decades-high inflation.

In October, Beyond Meat (NASDAQ:) had cut its full-year revenue forecast saying that it was seeing demand soften due to inflation, specifically in its refrigerated sub-segment, as consumers were looking for cheaper forms of proteins, including animal meat.

The company’s net loss widened to $101.7 million, or $1.60 per share, in the third quarter from $54.8 million, or 87 cents, a year earlier.

The plant-based meat maker’s net revenue fell to $82.5 million in the quarter from $106.4 million a year earlier. Analysts on average had expected $98.1 million, as per Refinitiv IBES data.

Source link