Beyond Meat revenue drops as it cuts prices to boost demand

By DEE-ANN DURBIN
AP Business Writer

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 Wall Street forecast. Beyond Meat said its net loss nearly doubled to $101.7 million for the quarter.  Beyond Meat 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.