The stock fell more than 15% after hours after the company projected second-quarter revenue of $60 million to $65 million, below analysts' $67 million estimate.
First-quarter sales dropped 15.3% to $58.2 million, though that beat expectations, while a 6-cent-per-share loss was narrower than forecast as demand weakened in US retail, food service and overseas restaurants.
Beyond Meat, rebranding as Beyond The Plant Protein Co., is cutting costs, exiting China and expanding into protein drinks despite heavy competition, while its shares are down 55.6% over 12 months.
Can a pivot to the crowded beverage market save Beyond Meat as its core business collapses?
Beyond Meat blames price for its failure, but will consumers actually like the taste of its new drinks?