Beyond Meat revenue plummets in the second quarter due to flagging US demand
Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, Thursday, April 29, 2021. Credit: AP/Richard Drew
Plant-based meat maker Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its burgers, sausages and other products fell despite price cuts.
The El Segundo, California-based company lowered its full-year revenue forecast as a result. Beyond Meat now expects revenue between $360 million and $380 million for the year. That’s down from the $375 million to $415 million it forecast at the end of the first quarter.
For the April-June period, Beyond Meat reported revenue of $102.1 million. That was lower than the $108.7 million Wall Street forecast, according to analysts polled by FactSet.
U.S. revenue dropped 40% as both retail and food service sales weakened. International revenue was down 8.7%.
Beyond Meat said its net loss narrowed to $53.5 million, or 83 cents per share, as it reigned in logistics and manufacturing costs. That was slightly better than the 84-cent loss analysts had forecast.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
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