Celebrity And Investor-Backed Beyond Meat Disappoints
Posted on 11/27/2023
Beyond Meat took a hit to revenue of 9% in Q3 2023 and demand for products in the U.S. was low. Revenue came in well under the expected US$ 86.5 million at US$ 75.3 million. Beyond Meat is a favorite of celebrity investors such as Leonardo DiCaprio, Jessica Chastain, Snoop Dogg, Liza Koshy, Chris Paul, Kyrie Irving, DeAndre Hopkins. It also has significant institutional shareholder capital from Vanguard, Parkwood, BlackRock, Wolverine Asset Management, Susquehanna International Group, Susquehanna International Group, Whitebox Advisors, Group One Trading, Morgan Stanley, and Vanguard’s Total Stock Market Index Fund.
Beyond Meat President and CEO Ethan Brown said plant jerky and operations in the Chinese market are at risk. Brown said: “To drive down the type of cost reduction we’re pursuing everything has to be on the table.” Europe’s McDonalds was a bright spot with a 79% increase in European food service. According to Brown, Europeans believe they are changing the climate by eating Beyond Meat products. U.S. retail sales dropped 34%. Food services sales in the U.S. dropped 22%. Panda Express tried Beyond Meat products, but has since dropped them.
Beyond Meat, Net Income in USD
2023: (Q1-Q3): -$183 million
2022: -$366 million
2021: -$182 million
2020: -$53 million
2019: -$12 million
2018: -$30 million
2017: -$30 million
2016: -$25 million
