![]() ![]() ![]() The company's initial products were launched in the United States in 2012. Market holidays and trading hours provided by Copp Clark Limited. is a Los Angelesbased producer of plant-based meat substitutes founded in 2009 by Ethan Brown. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Its shares have fallen more than 60% in the past year.ĬNN’s Danielle Wiener-Bronner contributed to this report. Shares for the Calfornia-based company fell almost 10% in after hours trading. Beyond Meat also announced a 24% decrease in volume of its products sold. US revenue plunged almost 40% while international revenue dropped 8.7%. This quarter’s revenue was $102.1 million compared to $147 million this time a year ago. Three members of its C-suite also left in 2022, including one executive who allegedly bit a man’s nose. Inflation pushed customers toward choosing cheaper basics and grocery stores and eating at home instead of dining out, and it’s also facing growing competition. Once a Wall Street darling, a slew of problems and controversies plagued the company in 2022. The company cited “high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession” for softer demand in the plant-based meat sector. But he added that he still believes the company will “play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits.” Beyond Meat president and CEO Ethan Brown said in a statement that the company is reducing its revenue outlook to between $360 million and $380 million for 2023, a decrease of about 9% to 14% compared to 2022. ![]()
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