Beyond Meat cuts revenue forecast, jobs as plant-based boom fizzles out
The producer of plant-based meat substitutes is trimming 4% of its workforce
Beyond Meat 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.
|BYND||BEYOND MEAT INC.||10.28||-0.03||-0.24%|
Analysts have said alternative meat makers should improve their products' taste to attract consumers as a few restaurants including McDonald's Corp have ended U.S. tests of their plant-based menu items without confirming a broader launch.
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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.
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"The company is announcing a reduction-in-force affecting approximately 4% of its global workforce," Beyond Meat said in a statement.