Overview

• 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.