Beyond Meat losses grow even greater as Americans ditch plant-based alternatives
Beyond Meat reports larger-than-expected Q3 loss as US demand shrinks
- Beyond Meat reported a larger-than-expected third-quarter loss of $110.7 million, a significant increase from the previous year, alongside a 13 percent revenue drop to $70.2 million.
- The company's declining sales are primarily attributed to reduced demand from U.S. consumers and restaurants, weaker category interest, increased price discounting and lower international burger sales.
- Shifts in consumer preferences towards simpler, healthier foods and the growing popularity of weight-loss trends have further accelerated the drop in demand for Beyond Meat's products.
- U.S. revenue experienced a substantial 21 percent decrease, contrasting with a mere 1 percent decline in international sales, indicating significant challenges in the domestic market.
- Beyond Meat has implemented cost-cutting measures, including layoffs, and forecasts fourth-quarter revenue between $60 million and $65 million, having previously withdrawn its full-year outlook due to market uncertainty.