Beyond Meat (NASDAQ:BYND) reported its latest quarterly earnings on Thursday, missing consensus earnings and revenue estimates by a wide margin.
The plant-based meat company reported a Q3 loss per share of $1.09, $0.24 worse than the analyst estimate of a $0.85 loss per share. Revenue for the quarter came in at $75.3 million versus the consensus estimate of $87.6 million.
Demand for plant-based meat and BYND's products, more specifically, has dwindled, especially in the U.S. While Beyond's international retail channel net revenues increased 38.8% to $14.2 million in the third quarter, U.S. retail channel net revenues decreased 33.9% to $30.5 million.
However, while the company's CEO, Ethan Brown, said they were encouraged by pockets of growth, particularly in the EU, where it saw double-digit gains in net revenues on a year-over-year basis, it was disappointed by its overall results as BYND continues to "experience worsening sector-specific and broader consumer headwinds."
"As we shared last week, we are conducting a review of our global operations for purposes of further and significantly reducing our operating expense base as we seek to accelerate our transition to a sustainable and, ultimately, profitable business," added Bown.
BYND expects the current headwinds to persist in the coming quarters but added that it has confidence in the long-term trajectory of its business.
Last week, BYND lowered its Q3 and full-year revenue forecast, stating that an expected rebound in plant-based meat sales during the quarter didn’t occur.
As a result of the uncertain environment, the company will cut around 19% of its non-production workforce.