Beyond Meat has scaled back its revenue forecast for the second time in three months and announced further job cuts as well as executive departures.

The company had already lowered its outlook in August following weaker-than-expected Q2 results, and at the same time announced that it would cut approximately 4% of its workforce.

On Friday, Beyond Meat said it was revising its forecast again and now expects full-year net revenues in the region of $400 million to $425 million, compared with the company’s previous expectation of $470 million to $520 million.

Among other factors, the California-headquartered business believes that “ongoing softness” in the plant-based meat category has negatively impacted its performance.

According to Beyond Meat, consumers are trading down to cheaper proteins, including animal meat, amid inflationary pressures.

Sluggish sales in the US market have prompted some commentators to suggest the plant-based meat category is losing momentum, and earlier this month JBS revealed that it was pulling the plug on its Planterra Foods meat alternative operation.

As part of its latest announcement, Beyond Meat said it is reducing its current workforce by around 200 employees, representing approximately 19% of the company’s global workforce.

President and CEO, Ethan Brown, commented: “Beyond Meat is implementing measures to drive more sustainable growth, emphasising the achievement of cash flow positive operations within the second half of 2023”.

“While we believe the current headwinds facing our business and category – including record inflation – are transient, our mission, brand and long-term opportunity endure. To manage through the current environment and realise the opportunity ahead, we are significantly reducing expenses and sharpening our focus on a set of key growth priorities.”

The company has also announced the departure of finance chief Philip Hardin, naming its vice president for financial planning & analysis and investor relations, Lubi Kutua, as his replacement. Meanwhile, COO Doug Ramsey has left the company, weeks after he was suspended on reports of his arrest for allegedly biting a man’s nose.

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