Beyond Meat Inc. reported quarterly results Wednesday that have become all-to-familiar: a big drop in revenue, escalating losses and tepid revenue guidance.
The maker of plant-based meat products
reported a net loss of $101.7 million, or $1.60 a share, compared with a net loss of $54.8 million, or 87 cents a share, in the same quarter a year ago. Net revenue plummeted 22.5% to $82.5 million from $106.4 million last year.
Analysts polled by FactSet expected a net loss of $1.15 a share on revenue of $93.6 million.
The results initially sent Beyond Meat’s stock reeling 6% in after-hours trading Wednesday before paring losses and closing less than 1% lower. Beyond slumped 9% to $11.82 in the regular session.
“Though this quarter’s results are disappointing, with a sharp decline in revenues and associated knock-on effects across the income statement including gross margin driven by a challenging macro environment, we are implementing aggressive measures with urgency to positively impact our near-term operations,” Beyond Meat Chief Executive Ethan Brown said in a statement announcing the results.
The fake meat company is in the midst of cost-cutting measures, including a reduction of about 19% of its global workforce announced last month.
Beyond executives continued to warn of ongoing uncertainty related to macroeconomic issues, including inflation and rising interest rates, weaker than expected demand in the category and certain customer and distributor changes such as reductions in targeted inventory levels.
Beyond also offered fiscal 2022 revenue guidance of between $400 million and $425 million; analysts polled by FactSet expect $440.4 million.
Beyond’s stock has been grilled this year, melting 82%, while the broader S&P 500 index
has declined 21%.