Beyond Meat Inc. on Thursday lowered its revenue forecast for the year and announced job cuts as rising inflation hurt the company's efforts to make its pricier plant-based meat more affordable for consumers.
Higher prices of plant-based meat have slowed the growth of the category with people trading down to lower-priced chicken and beef, Beyond Meat chief executive Ethan Brown said on an earnings call.
Beyond Meat now expects 2022 revenue of US$470 million to $520 million, compared with its prior range of $560 million to $620 million. Analysts were expecting revenue of US$559.4 million, according to Refinitiv data. The company's cash and cash equivalents balance was US$454.7 million at the end of the second quarter. Net cash used in operating activities was US$235.7 million for the first half of the year.
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