Beyond Meat Announces Job Cuts as It Lowers Revenue Forecast and Reviews Global Operations

Second revenue cut this year amid weakened demand, layoffs of around 65 employees and potential restructuring of the company's Chinese operations signal tough times for Beyond Meat.

Beyond Meat has lowered its revenue expectations for 2023 to be between $330 and $340 million, after previously estimating a figure between $360 and $380 million.
The company plans to layoff around 65 employees, which equates to roughly 19% of its non-production workforce, as part of a cost-reduction plan which they hope to save between $9.5 to $10.5 million.
This marks the second time this year that Beyond Meat has cut its revenue forecast, with weakened customer spending on the plant-based products and rising competition in the market from companies like Tyson Foods and Impossible Food.
The company is considering exiting particular product lines, changing pricing, and restructuring its operations in China amidst struggling sales and lower-than-expected return on promotional programs.
Despite facing difficulties in the U.S market with perceptions of the products being overly processed and unhealthy, Beyond Meat has seen a positive reception in Europe, with their products becoming a fixture on McDonalds' menus.