* Plant-based front-runner Beyond Meat has cut its annual revenue for the second time this year. The company now expects a revenue of $330 to $340 million instead of its prior range of $360 to $380 million.
* The El Segundo, California-based company also announced job cuts of about 19% of its workforce as well as a review of its global operations as part of a cost-reduction plan.
* Demand for plant-based products have been declining as consumers continue to cut back on spending and have voiced a yearning for simpler ingredients.
Between competition from Tyson Foods’ plant-based products and privately owned Impossible Foods as well as shoppers looking to curtail spending, Beyond Meat is in a tough spot.
Last quarter, the Beyond Burger maker’s revenue slid by almost a third, and last year CEO Ethan Brown announced layoffs of around 200 employees to “drive more sustainable growth.”
Now, Beyond Meat is expecting sales to be down by 9% to $75 million versus a previous consensus of $87 million for its third-quarter results.
https://www.fooddive.com/news/beyond-meat-slashes-workforce-business-model-under-fire/698709/
