Beyond Meat is cutting 19% of its non-production workforce after a weaker-than-expected third quarter.
The plant-based meat company said Thursday, Nov. 2, 2023, that the reduction of approximately 65 employees is part of a broader corporate review.
U.S. demand for plant-based meat has plummeted this year. U.S. retail dollar sales of fresh meat alternatives, like sausage and burgers, were down 21.5% this year through Oct. 8, according to Circana, a market research firm. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6%.
Beyond Meat plans to release its third-quarter earnings on Nov. 8. In the meantime, it said it expects revenue of $75 million for the July-September period. That would be 8.5% lower than the same period a year ago. The El Segundo, California, company said it saw weaker sales in U.S. retail and food service and lower-than-expected return on promotional programs. The company recently launched U.S. ads that try to counter negative perceptions.
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