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☆ Beyond Meat is 'on better footing' despite Q1 earnings miss, says CEO Ethan Brown
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeyond Meat is 'on better footing' despite Q1 earnings miss, says CEO Ethan BrownBeyond Meat CEO Ethan Brown joins CNBC's 'The Exchange' to discuss new products, how the company is moving forward after Q1 earnings disappointment, and more.

Persons: Ethan Brown

☆ Premarket stocks: Revolution or market bubble? Investors weigh the AI boom
▼ + stars: | 2024-02-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —What’s the difference between a revolution and a market bubble? Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black, reports my colleague Jeanne Sahadi. That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants. The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! On a Tuesday call with Beyond Meat’s investors, Brown outlined a set of initiatives intended to rightsize the struggling company.

Persons: New York CNN —, ’, Jamie Dimon, Dimon, ”, Torsten Slok, Yung, Yu Ma, “, Jeanne Sahadi, Gen Xers, Fidelity, Samantha Delouya, Ethan Brown, Brown Organizations: CNN Business, Bell, New York CNN, Nvidia, AMD, Taiwan Semiconductor Manufacturing, Apple, Microsoft, Amazon, Google, JPMorgan, CNBC, Apollo Global Management, Federal Reserve, BMO Wealth Management, Big, Norges Bank Investment Management, Legal, General, AFL, US Securities and Exchange Commission, Lawyers, SEC, Fidelity, Fidelity Investments, McDonald’s, KFC, Brands Locations: New York, California, “

☆ Beyond Meat plans to hike prices as part of a huge turnaround plan to fight slumping sales of plant-based meat
▼ + stars: | 2024-02-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewBeyond Meat has unveiled details of a massive turnaround plan, including raising the prices of its plant-based meat, as it struggles with slumping sales. Advertisement"This change in strategy does not reflect an abandonment of our long-sought price parity goal," Brown said, referring to the company's goal of making plant-based meat the same price as animal meat. Some products, including those in grocery stores, would barely change in price, Brown said. Misinformation about plant-based meat is 'scaring customers away'Beyond Meat posted net revenues for 2023 were $343.4 million, a decrease of 18% compared to 2022. It attributed declining US sales to weak demand for plant-based products, as well as Beyond Meat offering more discounts.

Persons: —, Ethan Brown, Brown, Lubi Kutua Organizations: Service, Business, Bosh

☆ Beyond Meat shares soar 80% as company tops quarterly revenue estimates, plans 'steep' cost cuts in 2024
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: +2 min

To counter weak demand in the United States, Beyond Meat, which supplies its plant-based meat patties to fast food chains such as McDonald's and Yum! The company has also been able to sustain demand for plant-based meat in its international markets, particularly Europe. Cost-cut measures, including job cuts taken last year, have also helped reduce the burden on margins from sluggish demand in the United States. Net revenue for the fourth quarter fell 7.8% to $73.7 million, but topped analysts' average estimate of $66.7 million, as per LSEG data. Still, the company's full-year net revenue forecast in the range of $315 million to $345 million was largely below market expectations of $343.8 million.

Persons: Ethan Brown Organizations: Brands Locations: Miami , Florida, United States, U.S, Europe

☆ Beyond Meat’s stock surges after CEO promises to steeply cut costs in 2024
▼ + stars: | 2024-02-27 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! “Our 2024 plan includes taking steps to steeply reduce operating expense and cash use,” Beyond Meat CEO Ethan Brown said in a statement. On a Tuesday call with Beyond Meat’s investors, Brown outlined a set of initiatives intended to rightsize the struggling company. Brown said the company would cut at least $70 million from Beyond Meat’s operating budget in 2024. The company also reported its full-year 2023 financial results Tuesday, reporting a net loss of $338.1 million for the year.

Persons: Ethan Brown, Brown Organizations: CNN, McDonald’s, KFC, Brands

☆ Beyond Meat introduces new, healthier burger
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeyond Meat introduces new, healthier burgerCNBC’s Kate Rogers speaks with Beyond Meat CEO Ethan Brown on the company’s introduction of a new, healthier burger with less saturated fat and sodium. The product will be sold in retail stores to start.

Persons: Kate Rogers, Ethan Brown

☆ Beyond Meat launches new, healthier version of burger in bid to bring back customers
▼ + stars: | 2024-02-21 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

The latest iteration of the Beyond Burger, made with avocado oil and 20% less sodiumBeyond Meat is launching a new version of its plant-based burger in grocery stores this spring, betting that an even healthier version of its burgers will lure back consumers. The plant-based meat category, once buzzy, has lost consumers' interest. Retail sales of meat alternatives had fallen 33.6% compared with a year ago as of Jan. 28, according to Circana data. "For the last several years, there have been a combination of campaigns and other efforts to try to poison the well, regarding the health benefits of plant-based meat," Brown said. Critics have attacked plant-based meat from Beyond and its rivals as processed and full of chemicals.

Persons: Ethan Brown, Brown, we've, Critics, — Kate Rogers Organizations: CNBC, Stanford University School of Medicine

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 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. But in the U.S., he said, ads funded by the meat industry and others have led consumers to see plant-based meat as overly processed and unhealthy. The higher price of plant-based meat has also hurt U.S. sales at a time when consumers are stressed about inflation, he said. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%.

Persons: Ethan Brown, It's, Brown, McDonald’s, U.S . Brown, “, El Organizations: FactSet, Panda Locations: Europe, U.S, China, U.S ., Meat's, El Segundo , California

The plant-based meat company said Thursday that the reduction of about 65 employees is part of a broader corporate review. U.S. demand for plant-based meat has plummeted this year. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%. Plant-based meat is also fighting perceptions that it's overly processed and unhealthy, stoked in part by ads released by rival food companies. McDonald's has tested Beyond Meat's products in the U.S. but hasn't added them to its permanent menu.

Persons: “, Ethan Brown, Brown, El, McDonald's, hasn't Organizations: FactSet Locations: El Segundo , California, Europe, U.S

☆ Beyond Meat, the poster child of plant-based meat, saw sales tank as cash-strapped shoppers turn away from expensive alternative proteins
▼ + stars: | 2023-08-08 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Beyond Meat's sales tanked by nearly a third in Q2, which the company attributed to weak demand. Consumers are financially squeezed and they're skeptical of the health benefits of plant-based meat, execs said. Brown said that the "number one issue" with the plant-based meat category was that it ultimately wasn't bringing in enough new consumers. International markets saw a much smaller drop in revenues year-over-year. While environmental concerns are a major motivator for people buying plant-based meat in Europe, "here in the US, it's more driven by health," Brown said.

Persons: execs, Ethan Brown, Brown, Lubi Kutua, Kutua Organizations: Service Locations: Europe, Wall, Silicon

☆ Beyond Meat stock slides more than 20% after company reports weak sales, cuts forecast
▼ + stars: | 2023-08-08 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Beyond Meat's stock fell more than 20% in morning trading Tuesday after the company reported weak sales, cut its full-year revenue forecast and walked back its goal of becoming cash-flow positive in the second half of the year. The company, which makes meat substitutes, has struggled for roughly two years as U.S. consumer interest in its products has waned. However, CEO Ethan Brown told analysts on the company's conference call Monday evening that its weak sales will likely delay its target of becoming cash-flow positive by the second half of 2023. U.S. demand for Beyond's meat alternatives appears to be declining at a faster rate, even as the company cuts its prices 8.6%, mostly through discounts. Beyond also cut its full-year revenue outlook to a range of $360 million to $380 million, compared to the $388 million Wall Street expected, according to Refinitiv.

Persons: Ethan Brown, Brown Organizations: Meat Inc, U.S, Wall Locations: Encinitas , California

☆ Beyond Meat earnings drop 30% with falling demand
▼ + stars: | 2023-08-07 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Troubled plant-based meat company Beyond Meat (BYND) posted a 30% revenue decline in the second quarter due to falling demand for its products, the company announced Monday. Once a Wall Street darling, a slew of problems and controversies plagued the company in 2022. Three members of its C-suite also left in 2022, including one executive who allegedly bit a man’s nose. This quarter’s revenue was $102.1 million compared to $147 million this time a year ago. Beyond Meat also announced a 24% decrease in volume of its products sold.

Persons: Ethan Brown, it’s Organizations: New, New York CNN Locations: New York

REUTERS/Patrick T. Fallon/File PhotoAug 7 (Reuters) - Beyond Meat (BYND.O) cut annual revenue forecast and missed second-quarter net sales estimates, as slowing demand for its pricier plant-based meat products shows no signs of recovery, sending shares down 8% in extended trading on Monday. Bogged down by inflationary pressures, customers are opting for lower-priced animal protein over alternatives such as plant-based products. The ambiguity around the health benefits of plant-based meat is also weighing on growth, said CEO Ethan Brown in a post-earnings call. The company forecast 2023 revenue between $360 million and $380 million, compared with its prior expectation of $375 million to $415 million. Beyond Meat's quarterly net revenue fell nearly 31% to $102.1 million, missing analysts' average estimate of $108.4 million, according to Refinitiv data.

Persons: Patrick T, Ethan Brown, Arun Sundaram, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: Kroger, REUTERS, CFRA, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Beyond Burgers are popping up at Dollar Tree at $1.25 a pack, as the plant-based meat giant tries to boost sales
▼ + stars: | 2023-05-05 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Beyond Meat products are appearing at Dollar Tree stores, according to shoppers on social media. One Instagram user posted a video showing several trays, each containing two Beyond Burger patties, in the frozen food section of a Dollar Tree store. Another Dollar Tree shopper, this time on TikTok, reported finding six-packs of Beyond's Breakfast Sausage patties in addition to burgers at one of the retailer's stores. "Those burgers are normally nine bucks in Target," the user says after showing viewers her receipt from Dollar Tree. Early results from those trials indicated that consumers bought more of Beyond's products when prices were lower, he said.

☆ Beyond Meat sales slumped because people are eating less fake meat, and the company says it gets why
▼ + stars: | 2023-02-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The company said it sold around 3,300 fewer pounds of its fake meat products over the time period, a drop of about 17%. Despite the huge slump in sales, Beyond – which sells products including fake jerky, chicken, and sausage – still beat Wall Street sales estimates. According to Brown, the three major obstacles faced by the plant-based meat industry are taste, understanding of health benefits, and price. Consultancy giant Deloitte noted in a September report that plant-based meat sales were dipping. Beyond also offers some plant-based chicken products, including tenders and popcorn chicken.

☆ I tried Taco Bell's Beyond Meat quesadilla at the only place it's available in the US. The meatless 'steak' could've fooled me, and I now want to try it on everything.
▼ + stars: | 2022-12-13 | by ( Cassy Crabtree | ) www.businessinsider.com time to read: +6 min

I tried Taco Bell's Beyond Meat quesadilla at the only place it's available in the US. Cassy Crabtree tried Taco Bell's Beyond Carne Asada Steak Quesadilla. Cassy Crabtree On October 13, Taco Bell introduced its new Beyond Meat Carne Asada Steak Quesadilla. Taco Bell I visited my local Taco Bell in Tipp City, Ohio (a suburb of Dayton). I tried Taco Bell's Beyond Carne Asada Steak Quesadilla.

☆ What’s gone wrong at Beyond Meat
▼ + stars: | 2022-12-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

And fierce competition is squeezing sales, including in frozen, plant-based chicken, a category that is growing while refrigerated plant-based meat sales falter. “We believe that healthy competition within plant-based meat is a good thing as it brings investment in marketing to the category,” said Brown during the November analyst call. It’s true that the plant-based meat pie is smaller these days. Ground plant-based meat fell about 19%, and patties were down 30% in that period. It launched a retooled version, Beyond Chicken Tenders, in stores in 2021, and has built its plant-based chicken portfolio since then.

☆ Beyond Meat’s Very Real Problems: Slumping Sausages, Mounting Losses
▼ + stars: | 2022-11-21 | by ( Jesse Newman | ) www.wsj.com time to read: 1 min

Beyond Meat Inc. was moving into its new 300,000-square-foot headquarters in the Los Angeles area last month when it laid off about one-fifth of its workforce, the second round this year. Ethan Brown , the company’s chief executive and founder, assured employees at a town hall a day later that a more focused version of his plant-based food company would thrive. He compared Beyond to Starbucks Corp. and Martin Cooper, an inventor of the cellphone, saying people thought they would fail, too.

☆ Beyond Meat reports wider-than-expected loss, falling revenue and cuts sales outlook
▼ + stars: | 2022-11-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Beyond Meat "Beyond Burger" patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City. Beyond Meat on Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled. It now expects 2022 sales between $400 million to $425 million, down from its prior outlook of $470 million to $520 million. The company's U.S. food service business was the only division to report sales growth, rather than declines, for the quarter. The company reported a third-quarter net loss of $101.7 million, or $1.60 per share, wider than its net loss of $54.8 million, or 87 cents per share, a year earlier.

☆ Beyond Meat launches new steak product
▼ + stars: | 2022-10-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN Business —Beyond Meat, the company known for plant-based burgers designed to look, taste and cook like meat, is getting into plant-based steak. But the new product, meant to mimic an expensive cut of beef, arrives as interest in the plant-based sector appears to be ebbing. Each 10-ounce package contains seared plant-based “steak tips” in bite-sized pieces, and is priced at $7.99. “Beyond Steak is a highly anticipated expansion of our popular beef platform,” said Dariush Ajami, chief innovation officer at Beyond Meat, in a statement announcing the new product Monday. The product “delivers the taste and texture of sliced steak.”Beyond Meat launched a new steak product, Beyond Steak.

☆ Beyond Meat cuts 19% of workers including COO accused of biting man's nose in road rage incident; stock crashes
▼ + stars: | 2022-10-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Beyond Meat cuts 19% of workforce including disgraced COO, according to a release from the company. CEO Ethan Brown says the plant-based company is 'significantly reducing expenses' in an effort to focus on growth. Ramsey was charged with third-degree battery and one count of terroristic threatening, according to Washington County Police. Washington County PoliceRamsey's alleged road rage isn't the first sign of trouble for Beyond Meat. According to an August report from Bloomberg, the company eliminated 40 job positions as part of cost-cutting plans.

☆ Beyond Meat cuts revenue view, jobs as inflation hits plant protein demand
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - Beyond Meat on Friday cut its annual revenue forecast for the second time due to slowing demand for faux meat as consumers look for cheaper options to beat rising prices and announced jobs cuts as well as executive departures. The plant-based meat producer plans to cut 200 jobs this year and said its finance chief Philip Hardin, who has been in the role for just over a year, will leave at the end of the month. FILE PHOTO - A Beyond Meat Burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. "We are significantly reducing expenses and sharpening our focus on a set of key growth priorities," Chief Executive Officer Ethan Brown said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Venugopal and Mehr Bedi in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Beyond Meat announces layoffs, cuts revenue forecast as inflation hits demand
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - Beyond Meat said on Friday it would cut 200 jobs and slashed its annual revenue forecast for the second time, citing slowing demand for faux meat as consumers look for more cheaper options to beat rising prices. The company also announced the departure of finance chief Philip Hardin at the end of the month and named board director Lubi Kutua as his replacement. Shares fell more than 10% before the bell, with the company saying rising competition as another reason for the forecast cut. The company said it would incur a one-time cash charge of about $4 million related to the job cuts in the fourth quarter. Beyond Meat, which had about 1,100 employees at the end of last year, expects the reduction in workforce to be complete by the end of year.

☆ Beyond Meat executive who allegedly bit a man’s nose will leave the company
▼ + stars: | 2022-10-14 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNNBusiness —Beyond Meat Chief Operating Officer Doug Ramsey is leaving the company after his recent arrest for assault. Ramsey was arrested last month on on charges of “terroristic threatening” and third-degree battery after he allegedly bit a man’s nose following a Arkansas football game. In a SEC filing, the company announced Ramsey’s departure, noting Friday will be his last day of employment. Ramsey joined Beyond Meat in December last year, pivoting from a three-decade career at Tyson Foods (TSN). Beyond Meat had been a market leader in the plant-based meat space, alongside rival Impossible Foods.

☆ Is Beyond Meat beyond saving?
▼ + stars: | 2022-09-28 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Companies like Beyond Meat, rival Impossible and plant-based milk producer Oatly are still doing big deals with supermarket chains and restaurants to get their products on store shelves and menus. But in the company’s most recent earnings call, Beyond Meat CEO Ethan Brown conceded that the company (and the industry) faces challenges. Inflation is a problem for plant-based food biz too“We went from a pandemic into record inflation,” Brown said. “After years of growth, plant-based meat sales in the United States are stagnating,” said consulting firm Deloitte in a recent report. So there is nothing fake about Wall Street’s concerns regarding the big drop in demand for “fake” meat and milk.

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