Latest News

Beyond Meat Reports Sliding Revenue

Beyond Meat Company’s Thursday report issued its revenue is growing smaller in the fourth quarter. This is while the Los Angeles–based company has been focusing on scaling production of fast-food inauguration.

The plant-based Beyond Fried Chicken debuted in 2022 and McDonald’s McPlant burger, made from peas, rice and potatoes, was piloted this February. 

The plant-based Beyond Fried Chicken debuted in 2022 and McDonald’s McPlant burger, made from peas, rice and potatoes, was piloted this February. However, the initiatives didn’t bring success as the company’s shares in extended-hours trading dropped 11%.

The Q4 report of the company declared net loss of $80.37 million, $1.27 cents per share, larger than the loss of $25.08 million in the previous year, shows surveys by Refinitiv.

Grocery sales in the U.S. dropped 19.5%, to $49.98 million, which according to Beyond was the result of softer demand, rise in discounts, market share loss fewer shipping days versus a year earlier.

The company’s major division has been challenging to keep the growth of its revenue as it was in 2020 due to rising demand.

CEO Ethan Brown in a teleconference with analysts said the slow growth partly stems from the company’s plan to deal with its restaurants instead of producing new grocery items.

Read more
By Saha on February 25, 2022

Newsletter

Enter your email address below to subscribe to our newsletter and keep up to date with the latest news, discounts and special offers.

Latest Comments