This morning, CNBC reported that Taco Bell -- the Mexican fast-food restaurant chain owned by Yum! This product, derived from soy and pea protein, is being sold in Taco Bell outlets in Birmingham, Alabama. In addition to Taco Bell, the company also operates the KFC and Pizza Hut brands.
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.