Sales of vegetable meat Beyond Meat fell by almost a third – Kommersant
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Plant-based meat maker Beyond Meat posted second-quarter revenue decreased by 30.5%, amounting to $102.2 million. The good news was that the company’s net loss, which amounted to $53.5 million, was almost halved. At the same time, the company also worsened its revenue forecast for the full year: from $415 million to $360 -380 million. Shares of Beyond Meat fell more than 14% on Tuesday before the open. At the IPO in 2019, the company’s shares were trading at $25 – now they are worth about $15, that is, 40% less.
In recent years, vegetable meat has become increasingly popularity. However, in recent years, its sales have been negatively affected by inflation and rising cost of living. Beyond Meat said in a statement that the results were negatively impacted by “lower demand for plant-based meat substitutes, high inflation, rising interest rates, and ongoing recession worries.” In addition, now the company’s products are facing competition from giants such as Kellogg or Tyson Foods. Last year, Beyond Meat announced it was laying off 200 employees to cut costs.
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