Beyond Meat continues to experience a decline in sales and consumers
The company's net revenues dropped by 19 percent to $75 million, alongside a net loss of $29.2 million and an operating loss of $34.9 million.
CEO Ethan Brown expressed disappointment, citing ongoing softness in the plant-based meat category, particularly in US retail and international foodservice markets.
Analysts attribute the decline to US consumers favoring cheaper animal products and increasing concerns about processed foods, which has reduced demand for Beyond Meat's products.
In response, Beyond Meat is implementing cost-reduction measures, including laying off 44 employees in North America, expecting to save $5 million to $6 million in compensation expenses over the next year.
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