Beyond Meat announces layoffs after lower Q2 sales

By DEE-ANN DURBIN
AP Business Writer

Plant-based meat maker Beyond Meat says it’s laying off 4% of its workforce. The move follows a difficult second quarter that saw cost-conscious customers bypass its higher-priced products. El Segundo, California-based Beyond Meat said its revenue fell 1.6% to $147 million. Beyond Meat President and CEO Ethan Brown said customers dealing with food price inflation traded down to cheaper store brands of plant-based meat or bought animal meat. Brown said the results magnified the importance of the company’s longtime goal of achieving price parity with animal-based meat.