Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
A famous star was hospitalized.
A representative for Oprah Winfrey just revealed on Instagram that the author will be making an appearance on CBS Mornings to discuss her most recent book recommendation.Sadly, over the weekend, the well-liked host contracted a stomach virus.Gayle King assumed command and gave the reason behind Winfrey’s absence.A spokesman for Winfrey told CNN in a statement on Tuesday that “Ms. Winfrey is recovering from a stomach virus and was given an IV due to dehydration at the recommendation of her doctor.”
“She is getting more rest and improving every day.”Winfrey admitted to her best friend and journalist that she “couldn’t keep enough water down to stay hydrated” in a video chat that was shared on Gayle King’s Instagram page. This ultimately caused Winfrey to visit the hospital.King assured viewers that despite the health setback, Winfrey will eventually “be OK.”
She said, “I hope sharing that detail doesn’t bother her.”During a joint interview with the New York Times in January, Winfrey and King expressed their deep relationship and gave one other high accolades.She tells the truth with brutality. Even if it’s not what you want to hear,” King once observed in reference to Winfrey.
“[We] really, really enjoy each other.”In January of last year, Winfrey demonstrated that, at seventy, she is still in excellent physical shape.The media titan was seen running on the beach with her dog and another woman in the footage that she shared on Instagram.She thanked everyone who had sent her birthday greetings in the caption, praising health as the greatest gift.
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