Beyond Meat, Inc. (NASDAQ: BYND) on Thursday reported a wider loss for the second quarter of 2022 amid a decrease in sales. The results also missed Wall Street’s projection.
The El Segundo-based company, a pioneer in plant-based meat substitutes, reported a loss of $1.53 per share for the June quarter, on an adjusted basis, which is wider than the previous year’s loss of $0.31 per share. Analysts were looking for a smaller loss for the latest quarter.
The reported net loss was $97.1 million or $1.53 per share, compared to a loss of $19.7 million or $0.31 per share in the second quarter of 2021. Revenues decreased 2% annually to $147.0 million and fell short of expectations.
Check this space to read management/analysts’ comments on Beyond Meat’s Q2 results
“In Q2 2022, we recorded our second largest quarter ever in terms of net revenues even as consumers traded down among proteins in the context of inflationary pressures, and we made solid sequential progress on reducing operating and manufacturing conversion costs. Across the balance of the year, we are tightly focused on intensifying OpEx and manufacturing cost reductions, executing against a series of planned market activities for our global strategic partners, and strengthening our retail business through core support and the introduction of one of our best innovations to date,” said Ethan Brown, chief executive officer of Beyond Meat.