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