Beyond Meat Inc on Thursday lowered its revenue forecast for the year and announced job cuts as rising inflation hurt the company's efforts to make its pricier plant-based meat more affordable for consumers.
Beyond Meat has lowered its revenue forecast for the year and announced job cuts due to rising inflation.
The higher prices of plant-based meat have slowed the growth of the category, with consumers trading down to lower-priced chicken and beef.
The company's revenue for 2022 is now expected to be between $470 million and $520 million, compared to the previous range of $560 million to $620 million.
Beyond Meat also plans to reduce operating expenses and cut approximately 4% of its global workforce to save $8 million annually.
Net revenue for the second quarter declined 1.6% to $147 million.