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Beyond Meat Inc (NASDAQ: BYND) on Thursday lowered its revenue forecast for the year after reporting lower sales for the quarter.
The company now expects revenue of $470 million to $520 million for 2022, down from its prior forecast of $560 million to $620 million.
Beyond Meat blamed inflation, rising interest rates and recession worries for the lower outlook for the year.
In the second quarter, the company posted revenue of $147 million, compared to expectations of $149.2 million, according to Refinitiv.
Net loss of the company stood at $97.1 million, or $1.53 per share, higher than the net loss of $19.7 million, or 31 cents per share, a year earlier.
Picture Credits: Reuters
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