(Reuters) -Beyond Meat ( BYND ) cut the top end of its annual revenue forecast on Wednesday, as cost-conscious consumers cut back spending on its expensive faux meat products and switched to cheaper alternatives.

While Beyond Meat ( BYND ) raised product prices to counter still-high ingredient costs, demand for its plant-based meatballs and steak slumped.

For fiscal 2024, the company expects net revenue in the range of $320 million to $330 million, compared with its prior forecast of $320 million to $340 million.

"Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025," CEO Ethan Brown said.

Shares of the company were down about 1% in extended trading.

However, the company's net revenue rose 7.6% to $81 million from a year earlier. Analysts had estimated a 7.2% rise to $80.7 million, according to data compiled by LSEG.

(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Anil D'Silva)