About 200 employees will be laid off at Beyond Meat, according to a regulatory filing.
According to the company, the layoffs are based on cost- reduction initiatives intended to reduce operating expenses and target cash flow positive operations within the second half of 2023.
The cuts are expected to be finished by the end of the year.
The company's shares fell even further in the morning after the layoffs news. The company's market value is below $900 million after the stock hit a 52 week low of $12.86 last week.
The company eliminated the role of chief growth officer/North America president. The person who held that role is leaving the company.
Philip Hardin informed the company that he would be stepping down on October 12. The board appointed Lubi Kutua as Beyond Meat's vice president of financial planning, analysis and investor relations on October 13th.
Third-quarter net revenue is expected to be $82 million, down 23% from the same quarter a year ago. Net revenue is expected to be $400 million to $425 million, a decrease of between 14 and 9% compared to the previous year. The company had previously predicted revenue to be between $500 million and $520 million.
A request for comment was not returned.
Douglas Ramsey, the company's chief operating officer, left the company on Friday after he was charged with assault for allegedly biting a man's nose. Nelson was promoted to head up operations.
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