Business Beyond Meat cuts revenue outlook, says it's trimming workforce - Lean and mean > green

https://www.cnbc.com/2022/08/04/beyond-meat-bynd-q2-2022-earnings.html

https://archive.ph/dOzdv

Amelia Lucas @THXAMELIAN

KEY POINTS

• Beyond Meat lowered its 2022 revenue forecast and announced it will trim its workforce by 4%
• The company cited inflation, rising interest rates and recession concerns for the revised outlook.
• The company's net sales also dropped 1.6% to $147 million and its net loss widened.

Beyond Meat on Thursday lowered its revenue forecast for the year and announced it will trim its workforce by 4%, citing broader economic uncertainty and consumers trading down to cheaper proteins.

The El Segundo, California-based company also reported a wider-than-expected loss and weak sales for the second quarter. Its shares fell 1% in extended trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Loss per share: $1.53 vs. $1.18 expected
• Revenue: $147 million vs. $149.2 million expected

Net sales dropped 1.6% to $147 million. The company attributed the decline to changes in foreign exchange rates, increased discounts and sales to liquidation channels.

"We recognize progress is taking longer than we expected," CEO Ethan Brown said in a statement, referring to the company's push into mass market consumption with plant-based products that mimic meat.

Beyond's meat substitutes are typically more expensive than traditional meat, but the company is seeking to achieve price parity in the near future. With consumers pressured by inflation, Brown said Beyond customers are switching to cheaper private label meat alternatives or back to traditional meat.

For 2022, Beyond now expects revenue of $470 million to $520 million, down from its prior forecast of $560 million to $620 million. The company said inflation, rising interest rates and growing concerns about a recession were among the factors that drove the revised outlook.

Beyond executives specifically pointed to weaker sales for Beyond Jerky, its broader U.S. grocery business and in Europe and the Middle East.

As part of a push to spend less of its cash, Beyond said it will lay off about 4% of its global workforce, which is expected to save about $8 million on an annual basis. However, the company will also spend roughly $1 million in separation costs that will impact its third-quarter results.

For the second quarter, Beyond Meat reported a net loss of $97.1 million, or $1.53 per share, wider than the net loss of $19.7 million, or 31 cents per share, a year earlier. The company said it spent more on ingredients and manufacturing this quarter. Moreover, its meatless Beyond Jerky, made through a joint venture with PepsiCo, weighed on profit margins for the second consecutive quarter.

U.S. grocery sales rose 2.2% in the quarter, offsetting a 2.4% decline of its restaurant business. Prior to the pandemic, restaurants accounted for more than half of its sales, but the business has struggled to bounce back.

Outside the U.S., grocery sales fell 17%, while restaurant sales increased 7%. The two international divisions generally contribute roughly equal revenue for Beyond.

Read the full earnings report here.

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Beyond Meat Faces Significant Fast-Food Partnership Challenges - Not to mention digestion issues

 

[Kermit Jizz]

Trim the workforce, more like trim the fat
I guess you could say, their ass is grass
That's got to leave a bad taste in their mouth, kinda like their food
Those are some bush league sales

 

[Zbk3VmLfujjzjxBd43tL]

Turns out all the hype, promotion, and astroturfing in the world won't make your glorified veggieburgers any more palatable to people who aren't already into that shit.

 

[Yuhbwoynadia]

Turns out all the hype, promotion, and astroturfing in the world won't make your glorified veggieburgers any more palatable to people who aren't already into that shit.

I gave it a fair chance before
Had 2 impossible impossible whoppers from BK last year it beyond destroyed mi stomach
will never try a soy boy burger again

 

[KiwiFuzz]

It doesn't taste like meat and I am tired of trying to turn it into an actual meat flavor.

I would much rather have a garden burger that's not pretending to be meat than a Beyond burger that is pretending to be meat.

 

[ToroidalBoat]

story reminds me of this scene:

The Simpsons: Duff Zero - YouTube

 

[FFinfo]

It doesn't taste like meat and I am tired of trying to turn it into an actual meat flavor.

I would much rather have a garden burger that's not pretending to be meat than a Beyond burger that is pretending to be meat.

Yes but at that point you might as well just eat a veggie sandwich (which you don't need venture capital to create) instead of on oil-and-fillers blob for the hip and progressive among us.

 

[Homegrown Homophobia]

Fun fact - Mcdonald's also discontinued their McPlant shit which is based on beyond meat this week as well.

 

[Quijibo69]

People don't like shitting their gus out. That's a shame, time to try bugs.

 

[HarblMcDavid]

Yes but at that point you might as well just eat a veggie sandwich (which you don't need venture capital to create) instead of on oil-and-fillers blob for the hip and progressive among us.

Excuse me, we call it shattering the porcelain ceiling and it is an essential component of the progressive experience.

 

[The Big O]

This is well-deserved. Beyond Meat has always seemed sketch, and all the astroturfing news articles, fast food promos, and other gobbledygook trying to hype it up as some replacement for natural meat sure as shit didn't lower my guard for a moment. If I wanted to not have meat, I'd at least eat some damn salads and stick to dairy and eggs because those're still naturally sourced and not created from some mish-mash of chemical compounds and fillers.

 

[Otterly]

The artificial meat stuff is hideous. You can make decent vegetarian patties with all sorts of stuff, that taste good (carrot and halloumi is nice) and aren’t full of emulsifiers. Why would you want it to be fake meat? If you don’t want to eat meat, why eat fake meat? Eat nicer vegetable products instead. It’s like saying you hate celery and instead of just not eating celery you try to form random products to look like celery. I don’t get it. It’s not healthy, it tastes like shit.

 

[usernames can change now!]

The artificial meat stuff is hideous. You can make decent vegetarian patties with all sorts of stuff, that taste good (carrot and halloumi is nice) and aren’t full of emulsifiers. Why would you want it to be fake meat? If you don’t want to eat meat, why eat fake meat? Eat nicer vegetable products instead. It’s like saying you hate celery and instead of just not eating celery you try to form random products to look like celery. I don’t get it. It’s not healthy, it tastes like shit.

Because in the long run environmentalists want to force as many people as possible who have no interest in vegetarianism to consume fake meat instead of real meat. If Beyond can't reach price parity, they'll try to put an environmental tax on beef. This isn't about providing people options.

 

[wtfNeedSignUp]

I guess the (not) recession really fucks with the company all the way to the grave

 

[Zbk3VmLfujjzjxBd43tL]

Because in the long run environmentalists want to force as many people as possible who have no interest in vegetarianism to consume fake meat instead of real meat. If Beyond can't reach price parity, they'll try to put an environmental tax on beef. This isn't about providing people options.

I firmly expect that most of Europe and blue state America will have a tax on beef and probably other meats within 10-15 years. "Interest" in that seems to be picking up judging by journoslime articles lately (which in turn riles up the herd of Redditcattle).

 

[George Floyd Sneed]

I firmly expect that most of Europe and blue state America will have a tax on beef and probably other meats within 10-15 years. "Interest" in that seems to be picking up judging by journoslime articles lately (which in turn riles up the herd of Redditcattle).

There are quotas in place to where several European countries have already scaled back their livestock. They won’t tax it, they will just price it out of the hands of the average goyim. It’s not kosher to eat bugs so the meat will serve the chosenites and whatever’s left can be divvied up. Be prepared in a few years to pay $100 for a ribeye that you can currently get at a chain restaurant for $25.

 

[JoseRaulChupacabra]

If you don’t want to eat meat, why eat fake meat?

It's pure cope.

 

[pen burger]

I think the fake meat to bug pipeline may be getting shut down. I've seen two newer "plant based" restaurants closed recently. The ones that are left are always empty.

It also seems meat/milk/eggs are trending now. I think this one may have fizzled again and will probably come back in 10-15 years even gayer.

 

[Another Sperg on the Net]

With the current economic downturn we will see more of this since the free money pump has been shut off. I wonder how Blacrock feels holding all those undewater mortgages with floating short term rates every time the Fed ups the basis rate .75 percent. I know it warms the recesses of my dark little hart.

 

[Hatoful Dandy]

Beyond Meat is to meat as troons are to women: A humored facsimile, not an accepted substitute.