Beyond Meat reports wider-than-expected loss, falling revenue

Beyond Meat connected Wednesday reported a wider-than-expected nonaccomplishment for its 3rd 4th arsenic request for its nutrient substitutes tumbled.

Shares of the institution bounced astir successful after-hours trading. The banal closed down 9% connected Wednesday.

Here's what the institution reported compared with what Wall Street was expecting, based connected a survey of analysts by Refinitiv:

• Loss per share: $1.60 vs. $1.14 expected
• Revenue: $82.5 cardinal vs. $98.1 cardinal expected

Net sales dropped 22.5% to $82.5 cardinal successful the 3rd quarter.

Beyond has tried to revive request for its meatless burgers and sausages by offering restaurants and market customers discounts. However, little sticker prices weren't enough. The institution said full pounds sold fell 12.8%, and nett gross per lb shrank 11.2%.

Beyond reported a third-quarter nett nonaccomplishment of $101.7 million, oregon $1.60 per share, wider than its nett nonaccomplishment of $54.8 million, oregon 87 cents per share, a twelvemonth earlier.

The institution has been trying to amusement Wall Street that it tin beryllium cash-flow affirmative by the 2nd fractional of 2023. In October, Beyond announced it would chopped 19% of its workforce, oregon astir 200 employees. Just 2 months earlier, the institution said it would laic disconnected 4% of its workers.

Beyond besides faced turmoil wrong its C-suite. Chief Operating Officer Doug Ramsey near the company aft being arrested for allegedly biting different man's chemoreceptor successful a parking garage. The institution besides eliminated the relation of main maturation serviceman and saw its main fiscal officer, Phil Hardin, depart for different occupation elsewhere.