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Beyond Meat posted second-quarter sales of $102.1 million.
Angela Weiss / AFP via Getty Images
Beyond Meat
was tumbling Tuesday after the maker of plant-based meat alternatives posted quarterly results that were weighed down by slowing demand.
Beyond Meat
(ticker: BYND) on Monday posted second-quarter sales of $102.1 million, declining 30.5% from the year-ago quarter, and missing consensus. It reported a loss of 83 cents a share, slightly narrower than Wall Street estimates. It also slashed its full-year revenue outlook, citing softer demand and high inflation, among other factors.
Investors weren’t pleased, sending shares of Beyond Meat falling 16% to $12.81, and analysts weren’t feeling too optimistic either.
“The plant-based meat category has suffered as it has proved harder to
acquire and retain new consumers, perhaps in part due to consumer health perceptions of the category,” William Blair analysts wrote in a Tuesday report titled ‘Quarter and Outlook Undercooked.’ They rate the shares at Market Perform.
Mizuho analysts, who rate shares at Neutral with a price target of $12, struck a similar tone in a report. “We are increasingly skeptical that company-specific initiatives can drive a revenue inflection, and brand-building investments are likely to prove larger than expected,” they said.
Write to Emily Dattilo at [email protected]
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