Beyond Meat lowers earnings guidance and lays off staff citing shaky market

Plant-based food company Beyond Meat (BYND) slashed its profit forecast for the year and said it would cut nearly a fifth of its workforce on Friday.

The company said it is looking at ways to transition to a more sustainable business model focused on building steady cash flow.

“While we believe the current headwinds our business and category are facing — including record inflation — are temporary, our mission, our brand and our long-term opportunity remain intact,” CEO Ethan Brown said in a statement. “To navigate the current environment and capitalize on the opportunities ahead, we are significantly reducing spending and sharpening our focus on a number of key growth priorities.”

As part of the reorganization, the company announced the layoff of 200 employees, representing approximately 19% of the workforce. The company expects this process to cost approximately $4 million.

The company also announced in a security filing on Friday that it had fired Chief Operating Officer Douglas Ramsey. Ramsey reportedly assaulted a man and bit his finger after a college football game in Arkansas last month.

The El Segundo, Calif.-based company said it was impacted by lower demand, increased competition and rising prices. Beyond Meat expects revenue of $82 million in the third quarter, down 23% year over year. The company’s third quarter earnings conference call is scheduled for November 9th.

Shares of Beyond Meat fell $0.96, or 6.50%, to $13.82 at 12:30 p.m. ET.

https://www.ibtimes.com.au/beyond-meat-cuts-earnings-forecast-laying-staff-citing-shaky-market-1839548?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Beyond Meat lowers earnings guidance and lays off staff citing shaky market

Fry Electronics Team

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