Daily Management Review

Beyond Meat to cut 19% of jobs


The US company Beyond Meat, which makes plant-based meat substitutes, has lowered its sales projection for 2023 after revealing that its Q3 results fell short of expectations. To save operating expenses, the corporation plans to eliminate 19% of non-manufacturing positions.

UBC Media Relations
UBC Media Relations
Preliminary sales for the corporation from July to September was $75 million, with a $7-8 million gross loss. The average projection for Beyond Meat's third-quarter sales among analysts surveyed by FactSet was $88 million.

The corporation will reveal its complete quarterly financial results on November 8.

"We expected a return to modest profitability in the third quarter, but that did not happen, driven by intra-industry factors and consumer trends," Ethan Brown, CEO of Beyond Meat, stated. "We intend to drastically cut operating expenses in addition to taking action to address the issues that are within our purview."

source: bloomberg.com