Plant-based meat maker Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its burgers, sausages and other products fell despite price cuts.
The El Segundo, California-based company lowered its full-year revenue forecast as a result. Beyond Meat now expects revenue between $360 million and $380 million for the year. That’s down from the $375 million to $415 million it forecast at the end of the first quarter.
Beyond Meat’s shares fell 8% in after-hours trading Monday.
For the April-June period, Beyond Meat reported revenue of $102.1 million. That was lower than the $108.7 million Wall Street forecast, according to analysts polled by FactSet.
U.S. revenue dropped 40% as both retail and food service sales weakened. International revenue was down 8.7%. International food service demand was flat compared to the same period last year, but retail sales were down nearly 16%.
Beyond Meat said its net loss narrowed to $53.5 million, or 83 cents per share, as it reined in logistics and manufacturing costs. That was slightly better than the 84-cent loss analysts had forecast.