Following the release of its Q2 results, Beyond Meat (NASDAQ:BYND) witnessed a sharp decline of over 17% in pre-market today.

The reported revenue for the second quarter was $102.1 million, reflecting a significant 30.5% decline compared to the same period last year. This figure fell short of the expected consensus estimate of $108.74 million. Meanwhile, the Q2 EPS stood at ($0.83), which was slightly better than the anticipated consensus of ($0.84).

The drop in revenue was primarily caused by a decrease of 23.9% in the quantity of products sold and an 8.6% decline in revenue for each unit of weight. This decline in product volume was largely due to sluggish demand in the product category, particularly noticeable in the company’s U.S. retail and U.S. food service channels.

Looking forward, Beyond Meat predicts its 2023 revenue to fall within the range of $360 million to $380 million, which is notably below the Street estimate of $388 million.

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

× ¿Cómo puedo ayudarte?