In Beyond Meat Struggling?
Beyond Meat, the plant-based meat company, has generated a fair amount of negative news as of recent. According to Food Fix the company’s stock fell late last week on news it was lowering its revenue forecast for the year. That announcement came one day after saying it would lay off 4% of its workforce in a cost savings effort.
A MarketWatch article says the company needs to “dramatically cut costs and lower its spending, or it will wind up bankrupt.” The company’s stock price has been cut in half since the start of 2022, and that’s after share prices had already dropped 45% in 2021. The company’s highest valuation of $15 billion now stands at $2 billion.
"With the recent, dramatic decline in consumer buying power, the importance of delivering on our price parity targets is magnified," noted Beyond Meat Chief Executive Ethan Brown. "We take note of this powerful reminder, and continue to advance as well as broaden cost reduction activities in service to realizing price parity."
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