“The pricing review is most worrisome,” Piper Sandler analyst Michael Lavery wrote in a note, questioning whether the company can raise prices without further damaging demand. Sales were hurt by continued weakness in the US amid sagging demand, promotions that didn’t deliver as predicted and weaker-than-expected sales of core products, such as the Beyond Burger, relative to items like faux chicken nuggets and steak. Revenue for the period is expected to be about $75 million, below the Bloomberg analyst estimate of $88.5 million. The stock had slumped 52% for the year through Wednesday’s close.Īn anticipated “modest return to growth” didn’t occur last quarter, Chief Executive Officer Ethan Brown said in a statement. The shares jumped as much as 16% in New York trading Thursday, the biggest intraday gain since July. Beyond Meat expects to generate free cash flow of about $7.6 million in the third quarter, but that trend isn’t expected to persist into the fourth quarter. The efforts to trim costs at Beyond Meat also include pricing changes, shifts in manufacturing capacity and real estate, the possible discontinuation of some products and a potential restructuring of operations in China. Beyond Meat’s announcement “underpins soft consumer demand for plant-based meat, which we expect will continue into 2024,” Bloomberg Intelligence analysts Jennifer Bartashus and Jibril Lawal wrote in a research note. Interest in meat-substitute products that mimic the taste and feel of beef and sausages has waned after an initial flurry of interest when they were introduced. The cuts will result in up to $10.5 million in savings, though the company will incur up to $2.5 million in one-time cash charges that it expects mostly in the fourth quarter. The revised guidance represents a decline of as much as 21% from 2022.īeyond Meat also plans to eliminate 65 jobs, or 8% of its global workforce, as it reduces operating expenses. The company said Thursday that it now expects full-year revenue of $330 million to $340 million, down from its prior range of $360 million to $380 million.

cut its revenue forecast for the second time in three months and launched a money-saving program - a sign that demand remains weak for plant-based proteins.

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