Beyond Meat misses quarterly revenue estimates as plant-based demand weakens
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Beyond Meat reported a second-quarter revenue of $75 million, missing Wall Street estimates of $82 million, reflecting a nearly 20% decline. The company also announced a 6% workforce reduction, laying off 44 employees, and incurred a one-time charge of $0.8–$1.3 million. U.S. consumer demand for plant-based meat is declining due to concerns over taste and price, leading to a 17.2% drop in retail sales of refrigerated alternatives this year. Beyond Meat withdrew its annual sales target amid ongoing macroeconomic uncertainty.
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