Apparently, blaming a weak earnings report on inflation isn’t such a bad strategy after all.
The California-based company posted a larger-than-expected quarterly loss as rising freight and raw material costs eat into its margins, and the fake-meat purveyor said it expects further slowdown in demand for its products. In October, Beyond Meat trimmed its full-year revenue forecast for a second time on softening demand, specifically in its refrigerated sub-segment. The company had also cut 200 more jobs to save about $39 million.
The company’s margins have been hit due to lingering industry-wide supply chain challenges, the Russia-Ukraine war and rising inflation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: