The plant-based meat specialist's sales growth has hit a wall thanks to the combination of inflation, pandemic-related shifts in demand and rising competition. Beyond Meat now sees sales landing between $470 million and $520 million this year, compared to the prior range of $560 million to $620 million.
The plant-based meat producer's revenue declined 2% year over year to $147 million, missing analysts' estimates by $2 million. Beyond Meat isn't down for the count, but major setbacks have made it an easy target for the short sellers.
Yahoo Finance Live looks at Beyond Meat's stock following the organic protein producer's latest earnings report and cuts to revenue and jobs.