Cost of living: Beyond Meat prices go up as prices rise overall.
The company that makes plant-based meat substitutes says that for the three months ending in June, net sales were 30.5% lower than the same time last year.
During extended trade in New York, the company’s stock dropped by almost 12%.
It said last year that it would cut almost a fifth of its staff to save about $39m (£30.6m).
On Monday, the company said it had been hurt by “softer demand in the plant-based meat category, high inflation, rising interest rates, and ongoing worries about the likelihood of a recession.”
It also said that it now expected to make between $360 million and $380 million a year, which was less than the $415 million it had said earlier.
Ethan Brown, the CEO of Beyond Meat, said that health benefits of vegan goods are getting more attention, which has also hurt demand.
“Interest groups have been successful at spreading doubt and fear about the ingredients and process used to make our and other plant-based meats,” Mr. Brown said during an earnings call.
For the same three-month time a year ago, Beyond Meat’s net loss was $97.1 million. This year, it was $53.5 million.
In October, the company said it would cut about 200 jobs to save $39 million over the next year.
In May 2019, Beyond Meat, which makes plant-based burgers, sausages, and nuggets, started trading on the Nasdaq exchange in New York.
It was one of the most successful first public offerings (IPOs) in recent years because its shares went up by more than 160% on their first day of trading.
But big food companies like Kellogg and Tyson Foods are now competing with the company.
At the moment, each Beyond Meat share is worth about $15, which is much less than its IPO price of $25.