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.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Beyond Meat Counters Meat Industry Attacks with Plant-Based FoodBeyond Meat is fighting back against attacks from the meat industry by highlighting the benefits of its plant-based proteins and emphasizing the clean and simple steps in its production process.
Bron: BusinessInsider - 🏆 729. / 51 Lees verder »

Stocks making the biggest moves after hours: Chegg, Beyond Meat, Paramount Global, Celanese and moreThese are the stocks posting the largest moves in extended trading. Hims & Hers Health — Stock in the telehealth company climbed 16% after an earnings beat. Hims & Hers posted a second-quarter loss of 3 cents per share on revenue of $208 million. Analysts polled by Refinitiv called for a 5 cent loss per share and revenue of $205 million.
Bron: CNBC - 🏆 12. / 72 Lees verder »