Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Beyond Meat on Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled.
Shares of the company bounced around in after-hours trading. The stock closed down 9% on Wednesday.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: $1.60 vs. $1.14 expected
- Revenue: $82.5 million vs. $98.1 million expected
Online sales dropped 22.5% to $82.5 million in the third quarter.
Beyond has tried to revive demand for its meatless burgers and sausages by offering restaurants and grocery customers discounts. However, lower sticker prices weren’t enough. The company said total pounds sold fell 12.8%, and net revenue per pound shrank 11.2%.
Beyond reported a third-quarter net loss of $101.7 million, or $1.60 per share, wider than its net loss of $54.8 million, or 87 cents per share, a year earlier.
The company has been trying to show Wall Street that it can be cash-flow positive by the second half of 2023. In October, Beyond announced it would cut 19% of its workforce, or roughly 200 employees. Just two months earlier, the company said it would lay off 4% of its workers.
Beyond also faced turmoil inside its C-suite. Chief Operating Officer Doug Ramsey left the company after being arrested for allegedly biting another man’s nose in a parking garage. The company also eliminated the role of chief growth officer and saw its chief financial officer, Phil Hardin, depart for another job elsewhere.