Beyond Meat's revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet.
The El Segundo, California-based company narrowed its net loss for the quarter to $70.5 million, compared to $101.7 million in the same period a year ago. The loss, of $1.09 per share, also fell short of analysts' expectation of an 89-cent loss.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn't occur. The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
U.S. demand for plant-based meat has plummeted this year. U.S. retail dollar sales of fresh meat alternatives, like sausage and burgers, were down 21.5% this year through Oct. 8, according to Circana, a market research firm. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%.