Beyond Meat Stock Slides More Than 20% After Company Reports Weak Sales, Cuts Forecast
August 10, 2023
CNBC
Beyond Meat’s stock fell over 20% after the company reported weak sales, revised down its full-year revenue forecast, and postponed its goal of achieving positive cash flow in the second half of the year. The company’s struggle with declining U.S. consumer interest in its meat alternatives has led to efforts to cut costs and become profitable, but weak sales have hindered this goal. Despite cutting prices and offering discounts, Beyond’s U.S. retail volume dropped by 34% and its domestic food service volume plummeted by 44% during the reported period.
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