Beyond Meat, Inc. (NASDAQ: BYND), a pioneer in plant-based meat substitutes, on Monday reported a net loss for the second quarter of 2023 when its revenues declined in double digits.
The company said net revenues declined 30.5% year-over-year to $102.1 million in the June quarter, with sales at the core Retail segment falling sharply. Meanwhile, net loss narrowed to $53.5 million or $0.83 per share in Q2 from $97.1 million or $1.53 per share in the corresponding period of 2022.
For fiscal 2023, the management expects net revenues to be in the range of $360 million to $380 million, representing a decrease of around 14-19% compared to 2022.
