AP – Plant-based meat substitute maker Beyond Meat said its revenue plunged 30.5 per cent in the second quarter as consumer demand for its burgers, sausages and other products fell despite price cuts.
The California-based company lowered its full-year revenue forecast as a result. Beyond Meat now expects revenue between USD360 million and USD380 million for the year.
That’s down from the USD375 million to USD415 million it forecast at the end of the first quarter.
Beyond Meat’s shares fell 10 per cent in after-hours trading on Monday. For the April-June period, Beyond Meat reported revenue of USD102.1 million. That was lower than the USD108.7 million Wall Street forecast.
