Troubled plant-based meat company Beyond Meat posted a 30 per cent revenue decline in the second quarter due to falling demand for its products, the company announced Monday.
Beyond Meat president and CEO Ethan Brown said in a statement that the company is reducing its revenue outlook to between $US360 million ($A550 million) and $US380 million ($A580 million) for 2023, a decrease of about 9 per cent to 14 per cent compared to 2022.
WATCH THE VIDEO ABOVE: Angry chef John Mountain bans vegans from Perth restaurant, Fyre.
Looking for a new job or job candidate? Post jobs and search for local talent on 7NEWS Jobs >>
But he added that he still believes the company will “play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits”.
The company cited “high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession” for softer demand in the plant-based meat sector.
Once a Wall Street darling, the company has been plagued by a slew of problems and controversies in 2022.
Inflation pushed customers toward choosing cheaper basics and grocery stores and eating at home instead of dining out, and it’s also facing growing competition.
Three of its highest-ranking senior executives also left in 2022, including one who allegedly bit a man’s nose.
This quarter’s revenue was $US102.1 million ($A155.7 million) compared to $US147 million ($A224.3 million) this time a year ago.
US revenue plunged almost 40 per cent while international revenue dropped 8.7 per cent.
Beyond Meat also announced a 24 per cent decrease in volume of its products sold.
Shares for the Calfornia-based company fell almost 10 per cent in after hours trading. Its shares have fallen more than 60 per cent in the past year.
If you’d like to view this content, please adjust your .
To find out more about how we use cookies, please see our Cookie Guide.