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Beyond Meat shares plummet as vegan products prove too pricey
by cityam
LAURA MCGUIRE
BEYOND Meat yesterday slashed its annual forecast for the year on the back of falling revenues as customers proved more reluctant to buy into pricey fake meat alternatives amid the cost of living crisis.
The US company, which supplies its vegan plant-based burger patties to McDonald’s, saw revenues slump 30 per cent in the second quarter.
The group said net revenues for the year are now expected to be in the range of $360m to $380m. Meanwhile, gross profits came in at $2.3m compared to a loss of $6.2m last year.
Shares in the Nasdaq-listed firm plummeted over 20 per cent after the update yesterday.
Beyond Meat blamed “softer demand” in the vegan plant-based meat category amid high inflation and rising interest rates for the drop in sales.
AJ Bell analyst Russ Mould said the firm’s specialist focus was part of the
