Plant-based meat maker Beyond Meat said its revenue fell 22.5% in the third quarter as it cut prices in the face of weaker demand.
The El Segundo, California-based company reported net revenue of $82.5 million for the July-September period. That was far lower than the $93.6 million Wall Street had forecast, according to analysts polled by FactSet.
Beyond Meat shares fell to a 52-week low of $11.56 before closing at $11.82 on Wednesday. They continued to fall in after-market trading after Beyond Meat released its third quarter results.
Beyond Meat President and CEO Ethan Brown said consumers have been switching to cheaper proteins like chicken because of high inflation. That hurts demand for products like Beyond burgers, which cost about $2 more per pound than lean beef ones.
At the same time, Brown said, more companies have been entering the plant-based market, leaving them fighting over dwindling sales.
“The current economic environment has not been kind to plant-based meat,” Brown said during a conference ca