Shares in the fake meat company co-owned by Bill Gates, Beyond Meat, have plummetted as growing numbers of consumers reject bioengineered “food.”
Despite an ongoing push from the global elite – who unlikely consume the stuff themselves but insist that you eat nothing else -, demand for lab-grown “meat” has slowed far beyond shareholders’ predictions.
On Wednesday, Beyond Meat Inc (BYND.O) forecast fourth-quarter revenue below estimates.
The move came as the once red-hot plant-based “meat” producer reported slowing demand in both grocery stores and restaurants.
The news ended up driving the company’s shares down by a whopping 19 percent in extended trading.
The company, which generates the bulk of its revenue from retailers, had cut its third-quarter revenue forecast last month.
The company reported taking a hit from fewer people stockpiling plant-based burgers and sausages at home after they returned to dining out.
However, Beyond did not sell as many products at restaurants during the quarter either.
Sales of its faux meat fell at fast-food locations when the Delta COVID-19 variant hit and labor shortages caused restaurants to cut hours and trim menus, Chief Executive Officer Ethan Brown said in an earnings call.
Sales to U.S. retail stores fell 15.6% to $52.4 million in the third quarter, Beyond said, while those to U.S. restaurants fell 7.3% to $15.1 million.
In October, McDonald’s Corp (MCD.N) said it will test a plant-based patty made by Beyond in its McPlant burger at eight U.S. locations.
Beyond is also working on products for other global chains including Pizza Hut and KFC, both owned by YUM Brands Inc.
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