(AOF) – In the second quarter of 2023, Beyond Meat posted a net loss of $53.5 million, or 0.83 cents per common share, compared to a net loss of $97.1 million, or $1.53 per common share in the same period a year ago. The meat substitutes maker says its net revenue in the quarter was $102.1 million, down 30.5% year-over-year. Adjusted EBITDA was negative at $40.8 million, compared to a loss of $68.8 million a year ago.
On the outlook side, for 2023, the group’s net revenue is expected to be in a range of around $360 million to $380 million, a decrease of around 9 to 14% compared to 2022.
The gross margin should be in a range between 4 and 9%.
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World tourism still on the rise
Over the first nine months of 2022, 700 million tourists traveled internationally, more than double (+133%) the figure recorded for the same period in 2021. This figure reached 63% of 2019 levels , which should allow the sector to reach 65% of its pre-pandemic levels in 2022. This result is due to a strong level of demand and the gradual lifting of restrictions in a large number of countries. Europe is significantly supporting this rebound with the arrival of 477 million people between January and September 2022 (68% of the global total), reaching 81% of the pre-covid level. Tourism there is driven by strong intra-regional demand and travel from the United States. Some destinations recorded notable increases in receipts, including Serbia, Romania, Turkey, Latvia, Portugal, Pakistan, Mexico, Morocco and France.