Beyond Meat earnings drop 30% with falling demand

Troubled plant-based meat company Beyond Meat\n \n posted a 30% revenue decline in the second quarter due to falling demand for its products, the company announced Monday. Beyond Meat president and CEO Ethan Brown said in a statement that the company is reducing its revenue outlook to between $360 million and $380 million for 2023, a decrease of about 9% to 14% compared to 2022.

” The company cited “high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession” for softer demand in the plant-based meat sector. Once a Wall Street darling, a slew of problems and controversies plagued the company in 2022. Inflation pushed customers toward choosing cheaper basics and grocery stores and eating at home instead of dining out, and it’s also facing growing competition.

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