Beyond Meat Cuts Sales Forecast as Shoppers Trade Down
- CEO: Consumers shifting from plant-based to animal proteins
- Plant-based meat maker reduceed its cash burn on operations
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Beyond Meat Inc. slashed its revenue outlook for the full year, saying that shoppers are trading down from its plant-based options to cheaper animal proteins.
The shares, which have lost about 50% of their value so far this year, fell 1.1% at 5:32 p.m. in late New York trading.