HomeBusinessBeyond Meat (BYND) Q2 2022 earnings miss estimates

Beyond Meat (BYND) Q2 2022 earnings miss estimates

Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019.

Mike Blake | Reuters

Beyond Meat on Thursday lowered its revenue forecast for the year and announced it will trim its workforce by 4%, citing broader economic uncertainty and consumers trading down to cheaper proteins.

The El Segundo, California-based company also reported a wider-than-expected loss and weak sales for the second quarter. Its shares fell 1% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Loss per share: $1.53 vs. $1.18 expected
  • Revenue: $147 million vs. $149.2 million expected

Net salesĀ droppedĀ 1.6% to $147 million. The company attributed the decline to changes in foreign exchange rates, increased discounts and sales to liquidation channels.

“We…

Read more at www.cnbc.com

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