Beyond Meat Unveils Beyond Steak as it Looks to Corral Reluctant Carnivores

Investing

Published: October 26, 2022 4:20 am

Last Updated: October 26, 2022 1:03 pm

Beyond Meat (US:BYND) on Tuesday unveiled a new product and marketing campaign called Beyond Steak, a new configuration of its plant-based protein that mimics the flavor and texture of beef.

The company said it would launch the product nationally at Kroger and Walmart grocery stores and regionally at retailers across the country.

Beyond Steak will debut with 21 grams of protein per serving and “deliver the tender bite and savory taste consumers crave while offering nutritional benefits, including being low in saturated fat and having no cholesterol, antibiotics or hormones,” the news release introducing the product said.

Founded in 2009, Beyond Meat describes its products as designed to have the same taste and texture as animal-based meat “while being better for people and the planet.”

On Oct. 14, the company revealed a series of cost-cutting plans that include Beyond Meat slashing another 200 jobs or roughly 19% of its workforce and taking a related $4 million charge.

It also cut its full-year revenue outlook to $400 million to $425 million, well below the previous $470 million to $520 million. It’s also lighter than Wall Street’s $478.8 million consensus estimate.

Beyond Meat posted preliminary third-quarter revenue of $83 million, down 23% from a year ago and below analysts’ $115.5 million.

Beyond Meat, shares rose about $14% on Tuesday. They are down 80% this year.

This article originally appeared on Fintel

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