The largest manufacturer of artificial meat Beyond Meat disappointed investors after the release of a quarterly report, writes CNBC.
Following the results of the second quarter, the company’s shares fell to 31 cent, although Refinitiv analysts predicted a fall at 24 cent. Net loss grew to 19.7 million dollars. Losses are associated with an increase in investment in the expansion of the state, marketing, as well as increased transportation costs. At the same time, the company exceeded the outlook forecast – it amounted to 149.4 million dollars instead of 140.8 million due to sales growth by 31.8 percent. In the next quarter, the manufacturer expects revenue of 120-140 million dollars, which is lower than the Wall Street estimate of $ 153.3 million. After these news, the company’s shares fell 4.6 percent during extended bidding on August 5.
In the United States, the demand for products fell, although there are two thirds of the entire BEYOND revenue to this market. The company explains this by the fact that last year the buyers were reserved by the course of the future. Approximately 75 percent of all goods Beyond Meat in the United States are implemented in grocery stores. But outside the country, sales rose more than doubled. The company make a bet on European and Chinese markets and invest there for expanding production.
At the end of February, McDonald’s agreed with Beyond and its main competitor to Impossible Foods on the supply of artificial meat in several web restaurants in Denmark and Sweden. The meat substitute was used in the McPlant Burger (from the English Plant – Plant). The dish was in the test stage and was included in the menu from January 19 to June 28.
In early August, the founder of Beyond Meat, Itan Brown offered to establish the tax meat of animal origin. This initiative will reduce meat consumption and will help developing countries to invest in the production of plant sources protein, businessman is sure.