Beyond Meat signals more pain ahead – shares tumble 19%
Nov 10 (Reuters) – Beyond Meat Inc forecast fourth-quarter revenue below estimates on Wednesday, as the once red-hot plant-based meat maker reported slowing demand in both grocery stores and restaurants, driving its shares down 19% in extended trading.
The company, which generates the bulk of its revenue from retailers, had cut its third-quarter revenue forecast last month as it took a hit from fewer people stockpiling plant-based burgers and sausages at home after they returned to dining out.
However, Beyond did not sell as many products at restaurants during the quarter either.
Sales of its faux meat fell at fast-food locations when the Delta COVID-19 variant hit and labor shortages caused restaurants to cut hours and trim menus, Chief Executive Officer Ethan Brown said in an earnings call.
By Uday Sampath Kumar and Hilary Russ / Reuters
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