Beyond Meat revenue drops as it cuts prices to boost demand

Plant-based meat maker Beyond Meat said its revenue fell 22.5% in the third quarter as it cut prices in the face of weaker demand.

The El Segundo, California-based company reported net revenue of $82.5 million for the July-September period. That was far lower than the $93.6 million Wall Street had forecast, according to analysts polled by FactSet.

Beyond Meat shares fell to a 52-week low of $11.56 before closing at $11.82 on Wednesday. They continued to fall in after-market trading after Beyond Meat released its third quarter results.

U.S. food service sales rose 5.6% as partners like Panda Express expanded the rollout of plant-based chicken. But U.S. retail sales fell nearly 12%. International revenue also fell as Beyond Meat cut prices and the strong dollar weakened foreign profits.

The company's net loss nearly doubled to $101.7 million for the quarter. The loss, of $1.60 per share, was also higher than the $1.15 per-share loss analysts had forecast.

President and CEO Ethan Brown said record inflation is hurting the plant-based meat category, causing consumers to shift to lower-priced store brands or cheaper animal meat.

Last month, the company cut 200 jobs, or around 19% of its workforce, in an effort to trim costs. It also lowered its revenue outlook for the year.