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