(New York) The action of the American company Beyond Meat, which notably manufactures substitutes for steaks and plant-based sausages, fell sharply on the New York Stock Exchange on Tuesday after the announcement of a sharp decline in sales in the second quarter and unattractive forecasts for 2023.
Around 12:15 p.m., it lost 17.02% to $12.70.
Founded in 2009, the startup debuted on Wall Street in May 2019 for $25.
It announced Monday evening after the closing of the New York market a 30.5% drop in its turnover between April and June to 102.1 million dollars. This is lower than the consensus of analysts who expected 108 million.
This poor performance is explained by a drop in volumes of products sold over one year (-23.9%) – especially since the second quarter of 2022 had benefited from the rise of Beyond Meat Jerky – and by a drop in revenues by weight (-8.6%), the company explained in a press release.
Demand has been “weak” in the United States, whether from the consumer in stores or from foodservices.
Net loss was $55 million. Reported per share – a benchmark for the markets – it stood at 83 cents against a net loss of 1.53 dollars a year earlier. This is in line with analysts’ expectations.
“The operating environment continues to be affected by uncertainties related to the macro-economic situation, including weak demand for the plant-based meat [substitute] category, high inflation, rising interest” in particular, Beyond Meat pointed out.
As a result, the company expects current fiscal year revenue of between $360 million and $380 million, down 9 to 14 percent year-on-year.
It had planned to achieve positive cash flow in the second half of the year but, given the “headwinds and in anticipation of their impact on revenue”, “it is unlikely to achieve this in this timetable. “, she warned.
