Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S. Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period.
This 11-piece Cuisinart cookware set is a perfect gift for the holidaysFILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, on April 29, 2021. Beyond Meat reports earnings on Wednesday, Nov. 8, 2023. Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet. The El Segundo, California-based company narrowed its net loss for the quarter to $70.5 million, compared to $101.7 million in the same period a year ago. The loss, of $1.09 per share, also fell short of analysts’ expectation of an 89-cent loss.last week, saying an anticipated rebound in plant-based meat sales during the quarter didn't occur. The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
U.S. demand for plant-based meat has plummeted this year. U.S. retail dollar sales of fresh meat alternatives, like sausage and burgers, were down 21.5% this year through Oct. 8, according to Circana, a market research firm. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%.
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