Beyond Meat Plans Layoffs as US Sales Plummet
November 10, 2023 | 1 min to read
In the third quarter, Beyond Meat reported a nearly 9% decline in revenue, totaling just $75.3 million, significantly missing Wall Street’s expectations of $86.5 million. Despite increased sales in Europe, demand in the U.S. sharply declined. Following this disappointing performance, the company revised its revenue forecasts and announced the elimination of 65 non-production jobs, representing about 19% of its workforce, while planning a comprehensive review of its operations.
Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn’t occur. The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
To read the rest of the story, please go to: Associated Press